closed end loan trigger terms

Soft inquiries can happen automatically. No downpayment is neither a trigger term nor a required disclosure unless you are advertising.

Federal Register Truth In Lending Regulation Z

Under 102624d1 whenever certain triggering terms appear in credit advertisements the additional credit terms enumerated in 102624d2 must also appear.

. If an institution used triggering terms 102616b opens new window or the payment terms. Triggering terms are words or phrases that must be accompanied by a disclosure when theyre used in advertising. Triggered Terms 102616 b.

You typically have to take some kind of tangible action to trigger a hard inquiry. The lender and borrower reach an agreement on the amount borrowed the loan. Triggering terms for closed-end loans.

Yes loan maturity is a trigger term for closed end credit. Sometimes mortgage advertisers are not fully aware of the Regulation Z Triggering Terms rules that require additional disclosures to be made in your mortgage ad. Closed end loan trigger terms.

Credit such as credit. Heres a quick review of the. Unlike an auto loan mortgage or student loan a.

Any periodic rate that may be applied expressed as an annual percentage rate using that term or the. What triggering terms activate rules in financial institution advertising Triggering terms for closed-end loans. The regulation covers topics such as.

For example if an advertisement for credit secured by a dwelling offers 300000 of credit with a 30-year loan term. Friday March 11 2022. A closed-end loan agreement is a contract between a lender and a borrower or business.

Study with Quizlet and memorize flashcards containing terms like Regulation Z prohibits all of the following advertising tactics for closed-end loans EXCEPT Advertising rules around trigger. These disclosures are mandated by the TILA which is. The number of payments or period of repayment such as 48-month payment term or 30-year mortgage this is often the most.

2 The number of payments or period of. Trigger terms when advertising a closed-end loan include. Only 300 origination fee.

Loans available at 5 below our standard annual percentage rate Low down payment accepted Pay weekly Terms to fit your budget Financing available Required Disclosures.

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