Under what condition must the TIL Disclosure Statement be re-disclosed to a borrower?

The Truth in Lending (TIL) Disclosure Statement must be re-disclosed to a borrower when the Annual Percentage Rate (APR) varies by more than one eighth of 1% before closing. This requirement is in place to ensure that borrowers have accurate and current information about the cost of credit. The TIL disclosure aims to facilitate informed borrowing decisions by providing critical financial data, including the APR, which represents the total cost of borrowing on a yearly basis.

When the APR changes by more than one eighth of 1%, it can significantly affect the borrower's understanding of the true cost of their mortgage. A change of this magnitude warrants a re-disclosure so that the borrower can reassess their options and make informed choices. It’s essential for lenders to comply with this requirement to maintain transparency and adhere to federal regulations concerning mortgage disclosures.

The other conditions listed in the options do not meet the specific thresholds outlined in the TIL regulations for mandatory re-disclosure, hence they do not apply in this context.