X
XQQS US
Guest
What is the name of your state? California
Hello,
I am aware of the compliance procedures that lenders must follow in terms of providing proper disclosures in real estate transactions (TILA/RESPA). But I am not sure if the same replys to consumer loans both secured and unsecured.
How is it possible for a a customer at a bank to apply for a loan over the phone, get approved later that day, have the funds deposited into their account that same day, and the bank still be in compliance? Lets assume that the bank didn't fax or email any disclosures and the Note/TILA is sent to the customer that day by regular mail.
My credit union does this all of the time. How are they in compliance? All I am told at the time of the application is that the interest rate is __%, the monthly payment is $___ for ___ months. Within 24 hours they approve the loan, deposit the funds into my savings account make a follow up call just to let me know it's in there. No talk of APR or prepayment or the risk involved.
Anyone know?
Thanks,
XQQS US
Hello,
I am aware of the compliance procedures that lenders must follow in terms of providing proper disclosures in real estate transactions (TILA/RESPA). But I am not sure if the same replys to consumer loans both secured and unsecured.
How is it possible for a a customer at a bank to apply for a loan over the phone, get approved later that day, have the funds deposited into their account that same day, and the bank still be in compliance? Lets assume that the bank didn't fax or email any disclosures and the Note/TILA is sent to the customer that day by regular mail.
My credit union does this all of the time. How are they in compliance? All I am told at the time of the application is that the interest rate is __%, the monthly payment is $___ for ___ months. Within 24 hours they approve the loan, deposit the funds into my savings account make a follow up call just to let me know it's in there. No talk of APR or prepayment or the risk involved.
Anyone know?
Thanks,
XQQS US