Sales Lexicon


Truth in Lending disclosure

A Truth-in-Lending disclosure outlines important terms of credit before borrowers are obligated to pay for a loan in question and is a required part of the mortgage process according to the Truth-In-Lending Act (TILA). Often, a TIL disclosure is included with an approved application and states the annual percentage rate (APR), amount financed, associated finance charges, and the total of all payments. Another TIL disclosure is often sent when a loan closes.

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