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Is there an initial tolerance on the APR if using improved land as collateral for a Mortgage refinance. I know you add 1.5 to the index for 1st, but not sure if this also applies to improved land.
Under the regulation, the APR disclosed is considered accurate if it is not more than 0.125% above or below the actual APR in a regular transaction, or 0.25% in an irregular transaction. 12 CFR 226.19(a)(2)(ii) requires the delivery of a revised early TIL at least three business days prior to closing if the original TIL is deemed to be inaccurate.
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