The Truth in Lending Act (“TILA”) is a federal consumer protection law enacted in 1968 to promote the informed use of consumer credit by requiring clear and standardized disclosure of key loan terms and costs. Administered primarily through Regulation Z, TILA applies...

A mortgage “pre-approval” is a lender’s conditional determination that a borrower qualifies for a home loan up to a specified amount, based on a detailed review of the borrower’s financial information and creditworthiness. During the pre-approval process, the lender...

A mortgage “pre-qualification” is an initial evaluation by a lender of a prospective borrower’s financial profile to estimate how much the borrower may be eligible to borrow for a home purchase or refinance. The process is generally informal and is often based on...

A “soft pull” (also called a soft inquiry) on a credit report occurs when a person or organization reviews credit information without it being tied to a formal application for new credit. In the mortgage industry, soft pulls are commonly used during the...

In real estate law, a patent is the original conveyance of title to land from the government to a private individual or entity. It represents the first transfer of ownership from public to private hands. A land patent establishes the foundation of title for property...

Transactional funding is a form of short-term financing used primarily in real estate wholesaling and investment transactions to facilitate back-to-back closings. It provides the investor with temporary capital to purchase a property, often for a very brief period...