Posted by DellaCa on 10/18/05 12:11pm
Msg #71045

2 TIL and diff $$

I had a signing last night it was a no sign, but I believe I will go back to resign today.
The borrower was not happy rate was wrong , wrong amt. coming back to them you name it .
There was also 2 TIL can some one tell me why there are 2 some times ? This one had Truth In Lending with a fixed rate date 10/17/05, then one was Federal TIL with a variable dated 10/14/05. Need help understanding this if someone can help. Thanks

Reply by MistarellaFL on 10/18/05 12:42pm
Msg #71048

It has been my experience that the earlier one was preliminary, not final. It isoften I see the final one in the package, with or near the TC docs, and the earlier one is with the lender docs.
I am not sure why they have to have the prelim signed, but I have been advised they must.
Final docs (dated the day of the signing) supercede earlier dated docs.

Reply by DellaCa on 10/18/05 2:35pm
Msg #71064

Thank You for responding. The borrowers have an issue wiht signing both as they are not the same.

Reply by NY_TaxLady on 10/18/05 4:43pm
Msg #71085

I had one the other night like that and the borrowers wouldn't sign both No LO around so the loan didn't close. There is more to the story. The LO befor I arrived told them I would explain the loan to them.

Reply by Kristen_FL on 10/18/05 8:51pm
Msg #71105

a lot of lenders put 2 TILs in the packages. one is the preliminary, and the other is the final.

usually there is a very tiny asterisk (*) at the very bottom, left side of the form, advising it is a preliminary/estimated TIL.

it's a common practice ... but still confusing! just make sure the final TIL matches the rest of the loan documents.

happy signing!

Reply by Jenny_CA on 10/19/05 12:57am
Msg #71136

I had the same except the preliminary had the fixed amount they had agreed to and the most recent one had a variable. LO had her sign the first one .