The finance charge has baffled loan officers and consumers virtually from its inception. There is so much case law and disputes and settlements relating to the finance charge that one would need a detailed map to navigate through the iterations, zooming in and out of the ever-circuitous fractals. I will respond within the limits of this space, so whereas brevity is the soul of wit, for now, it will suffice as no more than a teaser. If there is an ongoing concern, I think you might want to do some training on finance charges. Use a reliable trainer or us.
Let’s get consummation and timeliness out of the way first, as they, along with the finance charge, are three essential concepts that underlie Regulation Z, the implementing regulation of the Truth-in-Lending Act (TILA).