Federal
laws
like the
Equal
Credit
Opportunity
Act, the
Fair
Housing
Act, and
the Fair
Credit
Reporting
Act are
designed
to
protect
you from
discrimination
and
provide
you with
access
to
certain
credit
information.
Consult
the
Consumer
of
Information
Center
of the
U.S.
General
Services
Administration
website
for
further
details.
Lenders
must
take
certain
steps
when you
apply
for a
loan.
Truth-in-Lending Law - The annual percentage rate
(APR),
is the
final
interest
rate on
your
loan
after
all the
lender
fees
have
been
factored
in, and
it is
generally
higher
than the
initial
quoted
rate. By
law,
lenders
must
disclose
the APR
to you
within
three
business
days of
applying
for the
loan.
Good
Faith
Estimates
-
This is
a
detailed
list of
closing
costs
that
lenders
are
required
to
provide
to you
within
three
business
days of
your
loan
application.
Keep
your
good
faith
estimate
from
different
lenders
to use
as a
comparison
when
choosing
a loan.
Servicing
Disclosure
Statement
-
Lenders
are
required
to tell
you in
writing
within
three
business
days
whether
they
expect
someone
else to
be
collecting
the
payments
or
servicing
your
loan.
Finally
-
Once
your
application
is
complete
and it
has been
reviewed,
lenders
are
required
to let
you know
within
30 days
whether
or not
your
loan has
been
approved.
If so,
you will
be given
a letter
which
states
the
terms
and the
amount
of the
loan.
Mortgage Glossary7
