Mortgage Rap

 

 

Never TILA lie, but tell the cost of credit,

APR and finance charge, so your clients get it.

Make sure you disclose, before you grow your nose, the following list and how it goes.

 

TIL statement and a guide

A charming booklet that adjusts just fine

A prepayment disclosure for them peeps

and notice of their right to rescind

HELIicopters(HELOCS) line up at your home

with a chance of ARM balloons if that’s your type of loan.

 

Reg Z gives some  time guidelines

For the TIL Statement the lender provides.

After the app arrives, we have 3 days,

At the latest 7 days before closing day.

 

What defines an app, for TI LA,

6 bits of info, think about it, duh

3 from the borrower, and 3 from the property

name, social, income for the first,

Next comes value, address, loan amount.

 

After they close, and everything is rosy

The client still has 3 days to rescind.

Every business day, and time runs away, every day counts, except sundays, holidays.

But failure to notify, or understated buy, gives the buyer 3 more years to decide.

 

Advertising sucks, with all these guidelines,

And the feds get along with Steve Lines

Number means trigger, so watch what you say, better tell the APR or bye to Fannie Mae.

Terms to fit your budget, 12% APR, both are acceptable things to say.

 

And so ends my rap, of TILA, it’s better than vanilla, and you’ll close your Deala.