Follow Up On These Items Daily

• Obtain any additional documentation from your customer which was requested by underwriting.
• Follow up with your appraisal and tiitle work.
• Call your customer to let them know that the appraiser will be contacting them to set up and appointment.
• Have your customer call you when a date and time is set to complete the appraisal.
• Call the title company if you have not received the commitment within 24 hours.
• Call the appraiser the day after the appointment to see when you can get a soft copy.
• Follow up again on verifications of employment and mortgages.

Truth in Lending Act & Regulation Z This regulation requires creditors to disclose the cost of credit to consumers to enable the consumer to make and informed credit decision. This regulation also establishes procedures for resolving billing errors. (Fair Credit Billing Act)

Under this regulation a creditor is required to provide an initial Truth-in-Lending Statement to each applicant for closed-end loans within three business days of receipt of an application (there is not a similar requirement for opened credit.) Regulation Z reuires the creditor to disclose the Annual Percentage Rate (APR) when disclosing the cost of credit to the consumer. The creditor may (but is not required to) disclose the simple interest rate but must disclose the APR>