mortgage

For PITI's sake: Mortgage acronyms defined

Mortgage » For PITI's sake: Mortgage acronyms defined

RESPA and TILA
RESPA and TILA © iStock

RESPA and TILA

The Real Estate Settlement Procedures Act, or RESPA, and the Truth in Lending Act, or TILA, are the 2 main pieces of federal legislation that govern mortgage lending to consumers.

Among other things, RESPA requires lenders to provide borrowers with a Loan Estimate within 3 days of applying for a loan, as well as the Closing Disclosure 3 days before closing.

advertisement

          Connect with us
advertisement
advertisement

Blog

Holden Lewis

Brexit means lock your mortgage rate ASAP

Lock your mortgage rate now because today's rate plunge might not last long. That's today's advice from mortgage brokers and loan officers.  ... Read more

advertisement

Connect with us