Disclosure, not price control
TILA does not set rates. It forces disclosure of the cost of credit, and Regulation Z carries that into advertising, the right to cancel, and the TRID closing timetable. ECOA governs who may be turned down and on what grounds.
Advertising trigger terms
Stating the amount or percentage of a down payment is a trigger term, as are the number of payments, the amount of any payment, and the amount of any finance charge. Once a trigger appears, the ad must also state the amount or percentage of the down payment, the terms of repayment over the full term, and the annual percentage rate. A specific "$5,000 down" is a trigger; vague phrases such as "low down payment" or "easy terms" are not. Any advertised rate must be stated as an annual percentage rate and shown no more prominently than the APR.
The right of rescission
A non-purchase loan secured by the consumer's principal dwelling carries a right to cancel until midnight of the third business day after the latest of consummation, delivery of the rescission notice, or delivery of material disclosures. For rescission a business day is every calendar day except Sundays and federal holidays, so Saturday counts. The exemption runs the other way from how candidates remember it: purchase and initial-construction residential mortgage transactions are the exempt ones. Seven business days is the Loan Estimate waiting period, not rescission.
The Closing Disclosure clock
The consumer must receive the Closing Disclosure at least three business days before consummation, again counting all days except Sundays and federal holidays. Hand-delivered Monday, June 22: the counted days are Tuesday, Wednesday and Thursday, so the earliest closing is Thursday, June 25. Wednesday counts only two days. A mailed disclosure is deemed received three business days after mailing, which would push closing to Monday, June 29.
ECOA and Regulation B
ECOA bars discrimination on prohibited bases including sex and marital status, forbids asking about childbearing intentions or birth control, and requires creditors to consider part-time income and consistently received alimony or child support. RESPA governs settlement services and escrows, and the Homeowners Protection Act governs PMI cancellation. The creditor must act on a completed application within 30 days and keep application records 25 months.