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Reply #50: The lender is required by federal law to disclose everything in the contract [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

shrike

(1000+ posts) Send PM | Profile | Ignore

Fri Feb-29-08 11:15 AM
Response to Reply #31

50. The lender is required by federal law to disclose everything in the contract

When we had a mortgage, this was done at the closing, page by page, and I believe the loan officer had a recorder going. But then again, she was just a lowly loan officer in a lowly bank, not some flashy mortgage broker who advertised on TV.

Doesn't mean people shouldn't read their contracts. It also doesn't mean that people's eyes don't glaze over when the info is disclosed. But the lender should be doing what the law requires.

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