Truth in Lending Update

Course Outline

1. TILA Definitions Part a
2. TILA Definitions Part B
3. TILA Review
4. Advertising Requirements
5. Permissible Finance Charges
6. APR Tolerances
7. Disclosed Finance Charges

Learning Objectives       

1.        To understand what is beneath all laws and regulations on lending
2.        To understand what is loan “consummation”
3.        To understand what TILA applies to
4.        To understand what loans covered under TILA
5.        To understand the definition of a “PERSON” under TILA
6.        To know how to comply with TILA
7.        To know important definitions under TILA
8.        To know the what the definition of “Application” is under TILA
9.        To understand how loans for personal or family purposes is defined
10.    To understand the definition of dwellings under TILA
11.    To understand TILA advertising restrictions
12.    To understand what are triggering terms in advertising
13.    To understand what advertisements requires additional disclosures
14.    To understand critical criteria of multi-page ads
15.    To understand what are TILA permissible finance charges
16.    To understand which third party fees for conducting closings are considered finance charges
17.    To know how to determine if the APR is correct
18.    To understand TILA permissible tolerances
19.    To understand what makes a finance charge accurate
20.    To know purpose of identifying finance charge violations
21.    To understand how APR is used by consumers to compare between lenders when shopping
22.    To understand how to disclose Finance Charges on Initial LE
23.    To understand “Zero Tolerance” for origination fees and other charges borrowers cannot shop for
24.    To understand the issues that arises from overstated finance charges
25.    To understand the relationship between federal and state laws controlling mortgage originators.