The Real Estate Encyclopedia
Who Is Required To Comply With The Truth In Lending Act?
Category - Mortgage Questions - Mortgage Loans FAQ's

Any person or entity who extends credit subject to a finance, charge such as interest or payable by written agreement in more than four installments, must comply with the Truth in Lending Act (TIL).  This includes lenders and banks but also private individuals who extend credit more than 5 times a year.  Whoever is shown on the note as the creditor must make the disclosures even if the note is to be resold. 

The new TIL Act does not include mortgage brokers or real estate brokers because just because they brokered a deal where financing was involved. 

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