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Mavent Inc.
 Reviews / Baseline Compliance Reviews / TILA
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Truth in Lending

Mavent’s TILA review includes comparisons, tests, functions and calculations under the Truth In Lending Act. Specifically, Mavent's TILA review covers:

Please also see the description of Mavent's Section 32/HOEPA and Section 35/Higher Priced Mortgage reviews.

Federal Truth in Lending Act Tolerance Tests (TILA Tolerances)

Mavent recalculates the following amounts and schedules based on the loan data submitted to the system to determine if the loan is within the permissible Finance Charge Tolerances ($35 and $100) and APR Tolerance (1/8 of 1%).

  • Finance Charge Amount
  • Annual Percentage Rate (APR)
  • Payment Schedule
  • Amount Financed
  • Total of Payments
  • Amortization Schedule

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Federal Truth in Lending Act Right of Rescission Tests (TILA/ROR)

Mavent validates that the rescission period for the loan is in compliance with Truth In Lending timing requirements by comparing the Loan Disbursement Date to the latest of the following dates provided in the loan data submitted to the system:

  • Document Sign Date
  • Last Disclosure Date
  • Right of Rescission Expiration Date
  • HOEPA Disclosure Date (if applicable)

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Mortgage Disclosure Improvement Act (MDIA)

Mavent validates that the disclosure dates for the loan are in compliance with certain Truth In Lending timing requirements as set forth in the Mortgage Disclosure Improvement Act, commonly referred to as the "3-7-3 rules."  Mavent also recalculates and compares the APR at consummation to the most recently disclosed APR to validate timing requirements for re-disclosure if required. These provisions will apply to loans with an application date on or after July 30, 2009. 

 

  • Application Date to Initial Disclosure Date - 3 Business Days
  • Application Date to Consummation Date - 7 Business Days
  • Inaccurate APR Re-disclosure Timing:
        1. Consummation Date to Initial Disclosure Date
        2. Consummation Date to Prior Disclosure Send Date
        3. Disclosure Received Date
        4. Prior Disclosure Received Date

 

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