Finance
Pennsylvania mortgage lending requires 'Truth-in-Lending' disclosures primarily to inform borrowers about:
AThe property's appraised value
BThe Annual Percentage Rate (APR) and total cost of credit✓ Correct
CThe seller's outstanding mortgage balance
DThe title insurance premium
Explanation
TILA (Reg Z) requires lenders to disclose the APR — which includes the interest rate plus points and certain fees — enabling consumers to compare loan costs across different lenders. TILA disclosures are delivered in the Loan Estimate (within 3 days of application) and Closing Disclosure (3 days before closing).
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