What are trigger terms in TILA?
Triggering terms are words or phrases that must be accompanied by a disclosure when they’re used in advertising. These disclosures are mandated by the TILA, which is designed to protect consumers from inaccurate and unfair credit billing and credit card practices.
What is a triggering term in an advertisement?
A triggering term is a word or phrase that, when used in advertising literature, requires the presentation of the terms of a credit agreement. Triggering terms are intended to help consumers compare credit and lease offers on a fair and equal basis.
What are the triggering terms found in advertisements that require additional disclosures?
The annual percentage yield (APY) is the triggering term for deposit advertisements, which would require additional disclosures.
What are examples of trigger terms?
The triggering terms are:
- The amount of the down payment, expressed either as a percentage or as a dollar amount.
- The amount of any payment expressed either as a percentage or as a dollar amount.
- The number of payments.
- The period of repayment (the total time required to repay).
- The amount of any finance charge.
Which of the following advertisements would be considered a trigger item under Regulation Z?
What would be considered a trigger item under regulation Z? “a steal at only 175,000! “ Any specific down payment listed in an ad would be a trigger item that would require that additional information be included.
What are mortgage triggers?
What is a Mortgage Trigger Lead? They are mortgage leads of hard inquiries on a person’s credit that are generated daily by the credit bureaus. These consumers have just had their credit run within the past 24 hours or less in regards to a mortgage refinance or purchase loan application.
Which of the following would be considered a trigger term item under Regulation Z?
Which of the following ads would be in violation of the federal Truth in Lending laws?
Which of the following advertisements is/are a violation of the Truth-in-Lending when no additional information is given? kickbacks and was created to ensure that the buyer and seller in a residential real estate sale or transfer have knowledge of all settlement costs.
What are the 6 respa triggers?
An application is defined as the submission of six pieces of information: (1) the consumer’s name, (2) the consumer’s income, (3) the consumer’s Social Security number to obtain a credit report (or other unique identifier if the consumer has no Social Security number), (4) the property address, (5) an estimate of the …
What are the six items that trigger Trid?
What 6 Pieces of Information Make A TRID Loan Application?
- Name.
- Income.
- Social Security Number.
- Property Address.
- Estimated Value of Property.
- Mortgage Loan Amount sought.