This Week in Credit News: New Mortgage Rules

Personal Finance

This Week in Credit News: New Mortgage Rules

This Week in Credit News: New Mortgage Rules

The biggest news this week is all about the Consumer Financial Protection Bureau’s new regulations of the mortgage industry. Mixed Reviews on CFPB’s New Mortgage Rules The CFPB announced a slew of new mortgage regulations Thursday that are going to have a major impact on the housing market. Whether they are for the betterment of… Read More

Why Does the Federal Truth in Lending Act Matter?

Mortgages

Why Does the Federal Truth in Lending Act Matter?

Why Does the Federal Truth in Lending Act Matter?

The Truth in Lending Act, abbreviated “TILA”, governs one big chunk of the “gosh how do I get someone else to give me their money and what will it cost me in the long run” question. TILA tells certain types of lenders how they must disclose what they charge you. The “what they charge you” component can be called any number of things, fees, interest, finance charge, points, just charges or even interest charges, but the bottom line is, if you borrow $100 from a lender and are required to pay it back, TILA requires the lender tell you the cost of obtaining credit- the price tag.

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