Section 617.7200 - What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest?A qualified lender that offers more than one rate of interest to borrowers must notify each borrower of the right to request a review of the interest rate charged on his or her loan no later than the time of loan closing. At the request of a borrower, the lender must:
(a) Provide a review of the loan to determine if the proper interest rate has been established;(b) Explain to the borrower in writing the basis for the interest rate charged; and(c) Explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan.69 FR 16459, Mar. 30, 2004