Truth In Lending Act

Summary

The Truth in Lending Act (TILA) requires lenders to provide clear and accurate credit terms, including interest rates and repayment terms. However, TILA does not explicitly require that a promissory note be labeled as a security. If you have specific concerns about your mortgage lenders disclosures, consider consulting a real estate attorney for guidance.

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Ok truth in lending requires full discloser and that it be said the promissory note is a security
It sounds like you're concerned about the Truth in Lending Act (TILA) and whether it requires full disclosure that a promissory note is a security. TILA aims to promote the informed use of consumer credit by requiring disclosures about its terms and cost.
Here are a few key points about TILA:
- Lenders must provide clear and accurate terms of credit.
- Disclosure includes information about interest rates, monthly payments, and total repayment terms.
- It does not explicitly mandate that a promissory note be called a security.
Is there a specific issue you're facing with your mortgage lender?