Posted on: 10th Nov, 2009 12:04 pm
I am a lender located in Minnesota and we have a new mortgage for a property in Texas. I am looking for information on any additional loan disclosures required at application for the state of Texas
Hi,
As far as I'm aware of, most of the mortgage loans are subject to disclosure rules under the Truth in lending Act (TILA). The borrowers are required to be given a good faith estimate within the 3 working days. Both the interest rate and the APR need to be disclosed to the borrower. But Im not sure if there are any specific disclosure laws in the state of Texas that require the lender to make additional disclosures to the borrower.
As far as I'm aware of, most of the mortgage loans are subject to disclosure rules under the Truth in lending Act (TILA). The borrowers are required to be given a good faith estimate within the 3 working days. Both the interest rate and the APR need to be disclosed to the borrower. But Im not sure if there are any specific disclosure laws in the state of Texas that require the lender to make additional disclosures to the borrower.
You should consult and retain a Texas Law Firm whom specializes in the field of Texas Real Estata Law. State of Texas is a whole different animal than any other state in the Union. Texas is a prodebtor state and protects the rights of the homestead unlike other states.
The only form that is required is the mortgage broker agreement if you are a broker. Lenders usually have state specific forms that they require.
Thanks for your opinion, Guest!! :)