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15 U.S. Code § 1639. Requirements for certain mortgages
(a) Disclosures
(1) Specific disclosuresIn addition to other disclosures required under this subchapter, for each mortgage referred to in section 1602(aa) [1] of this title, the creditor shall provide the following disclosures in conspicuous type size:
(A)
“You are not required to complete this agreement merely because you have received these disclosures or have signed a loan application.”.
(B)
“If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and any money you have put into it, if you do not meet your obligations under the loan.”.
(2) Annual percentage rateIn addition to the disclosures required under paragraph (1), the creditor shall disclose—
(A)
in the case of a credit transaction with a fixed rate of interest, the annual percentage rate and the amount of the regular monthly payment; or
(B)
in the case of any other credit transaction, the annual percentage rate of the loan, the amount of the regular monthly payment, a statement that the interest rate and monthly payment may increase, and the amount of the maximum monthly payment, based on the maximum interest rate allowed pursuant to section 3806 of title 12.
(b) Time of disclosures
(1) In general
The disclosures required by this section shall be given not less than 3 business days prior to consummation of the transaction.
(2) New disclosures required
(A) In general
After providing the disclosures required by this section, a creditor may not change the terms of the extension of credit if such changes make the disclosures inaccurate, unless new disclosures are provided that meet the requirements of this section.
(B) Telephone disclosureA creditor may provide new disclosures pursuant to subparagraph (A) by telephone, if—
(i)
the change is initiated by the consumer; and
(ii) at the consummation of the transaction under which the credit is extended—
(I)
the creditor provides to the consumer the new disclosures, in writing; and
(II)
the creditor and consumer certify in writing that the new disclosures were provided by telephone, by not later than 3 days prior to the date of consummation of the transaction.