but we all know how the gov't agencies work, don't we? I wouldn't count on it changing any time soon. I have my own horror stories of dealing with RECD/HUD/USDA for nearly 10 years. I still have nightmares of 12-month projected budgets based on 9-month actuals... ugh.
I think the reason (not that it's reasonable!) that the signature lines were put at the top is so the Co-Borrower (provided there is a Co-Borrower) can understand at the onset of application that he/she is applying for credit by completing the application.
The TIL serves a useful purpose, but I agree that it's confusing for 99% of the population. Have you done a Countrywide loan? If so, you see the "Definition of Truth in Lending Terms" that follows directly. I take that document and put it along side the TIL and tell the Borrower that it best explains the TIL. I don't explain. I don't opine. I just show them the page and most of the time, they figure it out. I think every TIL should have a "Definition of Truth in Lending Terms". I keep one handy at every signing for exactly that purpose.
*sigh*
When they make me Queen, things will change... I promise  |
