What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest?

CFR · 2024-01-01 · US · Title 12

A qualified lender that offers more than one rate of interest to borrowers must notify each borrower of the right to request a review of the interest rate charged on his or her loan no later than the time of loan closing. At the request of a borrower, the lender must: (a) Provide a review of the loan to determine if the proper interest rate has been established; (b) Explain to the borrower in writing the basis for the interest rate charged; and (c) Explain to the borrower in writing how the credit status of the borrower

official document · source cfr-2024 · id 12:§ 617.7200