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Initial APR tolerance

Home Forums Truth in Lending/ Regulation Z Initial APR tolerance

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  • #2509
    frisbie
    Participant

    Is there an initial tolerance on the APR if using improved land as collateral for a Mortgage refinance. I know you add 1.5 to the index for 1st, but not sure if this also applies to improved land.

    #2840
    JGo9
    Participant

    Under the regulation, the APR disclosed is considered accurate if it is not more than 0.125% above or below the actual APR in a regular transaction, or 0.25% in an irregular transaction. 12 CFR 226.19(a)(2)(ii) requires the delivery of a revised early TIL at least three business days prior to closing if the original TIL is deemed to be inaccurate.

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