When does a consumer receive an early disclosure under TILA?

Under the Truth in Lending Act (TILA), a consumer is entitled to receive early disclosures upon the receipt of a loan application. This requirement is designed to ensure that consumers have access to important financial information as early as possible in the mortgage process. The early disclosures provide the consumer with key details about the terms of the loan, including the annual percentage rate (APR), finance charges, and the total amount of payments.

This timing allows consumers to make informed decisions and compare different loan products before formally committing to a particular mortgage. The other timing options presented do not align with TILA's intention to provide early awareness of loan terms and conditions. For instance, waiting until loan approval, signing loan documentation, or funding the loan does not fulfill the statute's objective of informing consumers of the implications of their borrowing decisions as soon as they express interest in a loan.