Regulation Z
Definition of "Regulation Z"
The federal Reserve Bank's regulation of consumer and mortgage credit transactions. A lender must provide the annual percentage rate (APR) of the loan and other essential data in mortgage credit contracts.
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Comments for Regulation Z
My PNC loan officer told me that once the final review is granted on our HELOC, as per Regulation Z guidelines, there was an 8-day waiting period prior to closing. Is this true under Regulation Z?
Aug 01, 2019 23:11:37Hi, Toni! Every lender has different terms and conditions with regard to the loan-granting process, though they are all governed by Regulation Z and various laws enforced by the Federal Reserve. You may find the following website useful: https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1026/40/ However, Regulation Z is in fact the Truth-in-Lending Act that protects borrowers from abusive clauses and hidden costs. Since your loan officer is familiar with it, you have nothing to worry about. The 8-day term may have nothing to do with regulation Z, though.
Aug 08, 2019 07:38:13Have a question or comment?
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