Posted on: 19th Feb, 2008 06:54 am
i believe that this is covered under reg Z. I would like clarification on of charging borrowers.
daryl are you an institutional lender or a private lender? is this a mortgage or another type of loan?
you may be right about truth-in-lending being applicable, but without the above information it is not something that can easily be determined.
you may be right about truth-in-lending being applicable, but without the above information it is not something that can easily be determined.
Right george, he needs to specify whether it's a mortgage :)
Since we arein a mortgage forum, let's assume we are discussing a mortgage.
A lender specifies how much you can charge on the HUD -- combined with the YSP, the lender usually caps the number of points you can make.
Certain states limit the amount of closing costs as a percentage of the loan amount -- always go by what the lender will allow. You will find that all costs will be reviewed bt the lender at time of approval; any adjustment will be suggested at this time.
A lender specifies how much you can charge on the HUD -- combined with the YSP, the lender usually caps the number of points you can make.
Certain states limit the amount of closing costs as a percentage of the loan amount -- always go by what the lender will allow. You will find that all costs will be reviewed bt the lender at time of approval; any adjustment will be suggested at this time.
I dont think it is within a time period. I know that regulation Z is in regards to how much you charge on the loan.
It varies from state to state.
You need to disclose everything just like a real bank would and follow all the applicable laws. Then you can charge whatever your areas legal limit is for credit. I am in KY and the limits are low so it is harder to get credit. If it is for credit some states allow around 30%.
You need to disclose everything just like a real bank would and follow all the applicable laws. Then you can charge whatever your areas legal limit is for credit. I am in KY and the limits are low so it is harder to get credit. If it is for credit some states allow around 30%.
