There are some changes which occurred back in July. RESPA has mandated that if the Truth in Lending Annual Percetage Rate is more than .25 of a percent higher than the actual interest rate, the information needs to be redisclosed to the borrower at least 7 days before settlement date.
For many of us lenders who try to disclose completely because we know that it is not only the right thing to do but it is something which actually allows us to educate our borrowers we see this as another opportunity in helping us differeniate ourselves from our competition.
Because there are many things which we as lenders don't control that go into the APR, it is increasingly difficult for us not to fudge and factor in higher costs than what there will actually be.
I would like to take this opportunity to invite anyone who is in the midst of buying or refinancing to send me their good faith and til's to see whether it is in compliance. Should you require my assistance, I will be happy to provide it.
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