Posted by BoomerSooner on 10/17/12 5:33pm
Msg #438960

Truth in lending "math"

Does anyone know what exactly is added to the payoff amount to give us the "amount financed" on the TIL doc? Its not the total amount of the refinance fees, just select items but what ones?

Thanks

Reply by Linda_H/FL on 10/17/12 5:46pm
Msg #438961

It's not fees added to the payoff..it's certain fees

deducted from the total loan amount, the fees being expressed in a percentage of the loan. An explanation is here..

http://www.advantageonemortgage.com/APR-TIL.html

Reply by sigtogo/OR on 10/17/12 5:58pm
Msg #438962

View “itemization of amount financed” which is hopefully

right after the TIL in your stack of docs. Deduct prepaid finance charges from loan amount to find amount financed as listed on the TIL.
for more: http://www.fdic.gov/regulations/laws/rules/6500-1400.html#fdic6500226.4
happy reading : )

Reply by PegiT_MN on 10/17/12 7:41pm
Msg #438974

Re: View “itemization of amount financed” which is hopefully

Sigtogo is correct. The amount financed is your loan amount minus any prepaid finance charges.

Reply by NVLSlady/VA on 10/17/12 7:56pm
Msg #438977

Re: View “itemization of amount financed” which is hopefully

and the prepaids (incl prepaid interest) should be detailed on the HUD1 in the 900 Series of (Items Required By Lender To Be Paid In Advance)