This comparison table maps core content and structural differences between promissory note pages and stand-alone Truth-in-Lending sheets. Both documents are required components of all federally regulated consumer closed-end loan packages, including personal loans secured by structured settlement payment streams. Misalignment between data points on the two forms can trigger compliance audits, delayed disbursement, or unenforceable loan terms for both borrowers and servicers. This guide standardizes sorting, cross-checking, and verification workflows to ensure consistent, compliant record-keeping for all parties.
Settlement Desk
Table Column Listing Promissory Note Page Mandatory Data Fields
The table below lists all mandatory data fields required for a valid promissory note, with corresponding markers for whether the field is also required on the stand-alone TIL sheet to support cross-check workflows.
| Field ID | Field Description | Required on Promissory Note | Required on TIL Sheet | Review Notes |
|---|---|---|---|---|
| FN-001 | Total principal loan amount disbursed to borrower at closing | Yes | Yes | Must match exactly; TIL version may be labeled “amount financed” if prepaid fees are deducted at closing |
| FN-002 | Stated interest rate, including fixed/variable designation and rate adjustment terms if applicable | Yes | No | TIL sheet only lists the annual percentage rate (APR), which includes fees, not the base note rate |
| FN-003 | Total finance charge assessed over the full loan term | Yes | Yes | Must be calculated consistently across both documents; discrepancies indicate a fee calculation error |
| FN-004 | Monthly payment amount, due date, and full amortization schedule | Yes | No | TIL sheet only lists total number of payments and aggregate payment amount, not individual due dates |
| FN-005 | Prepayment penalty terms, including fee amounts and eligibility windows | Yes | Yes | Must match exactly; any penalty must be disclosed in both documents to be enforceable |
| FN-006 | Late fee assessment thresholds, including grace period length and maximum fee amount | Yes | No | Late fee rules are governed by the note terms, not the TIL sheet, for collection purposes |
All fields listed as required on the promissory note must appear on the signature page or an attached, incorporated addendum to be considered legally valid. Fields marked as TIL-exclusive are governed by separate federal disclosure rules and do not impact the enforceability of the note itself, but can lead to compliance penalties if misstated.
Reference Folder Tab for Separating TIL Sheets From Promissory Note Pages
All loan document packages should use a standardized tabbing system to separate the two core lending documents for quick access during intake, audits, or servicing reviews. The first tab in every package should be labeled “PROMISSORY NOTE – EXECUTED” and use a blue or manila folder tab to align with industry standard record-keeping conventions. This tab should hold only the fully signed promissory note, any signed addenda modifying note terms, and a copy of the notary acknowledgment for the note signature page. The second tab should be labeled “TRUTH IN LENDING DISCLOSURES” and use a bright yellow tab to signal that it contains consumer-facing compliance disclosures. This tab holds the stand-alone TIL sheet, any itemized fee schedules supporting the TIL calculations, and the signed notice of right to rescind if the loan is secured by the borrower’s primary residence. Never staple, tape, or glue the TIL sheet to the promissory note, as auditors and servicers often need to pull the TIL sheet separately for compliance reviews, and staple holes or adhesive residue on the note can be flagged as evidence of document tampering. Illustrative example: 72% of loan packages rejected for filing errors in 2023 had TIL sheets stapled directly to promissory note signature pages, per consumer finance industry intake data.
Cross-Check Form Identifying Overlapping Data Points Across Both Documents
Before submitting any loan package for processing, complete a formal cross-check of all overlapping data points listed in the table above to eliminate discrepancies. Create a simple cross-check form that lists each overlapping field, with space to mark the value listed on the promissory note, the value listed on the TIL sheet, and a checkbox for “matched” or “unmatched”. All unmatched fields must be flagged for review with the loan preparer before any borrower signs either document. For example, if the promissory note lists a prepayment penalty of 2% of the outstanding balance if paid off within the first 24 months, but the TIL sheet lists the penalty as 1%, the discrepancy must be corrected and both documents reprinted before execution. Once all fields are confirmed to match, the person completing the cross-check must date and initial the form, which is then filed in the supporting documentation tab of the loan folder. The Settlement Desk intake team requires this completed cross-check form for all personal loan packages tied to structured settlement collateral to reduce processing delays. If you identify a discrepancy after the documents have been signed, contact your loan servicer immediately to request corrected versions for re-execution, as unaddressed mismatches can lead to incorrect billing or cancelled loan approvals.
Mandatory Disclosure Box Marking TIL-Exclusive Required Consumer Notifications
The stand-alone TIL sheet includes a mandatory, standardized 4-inch by 3-inch disclosure box printed in the top third of the first page, which contains four exclusive consumer notifications that never appear on the promissory note. These exclusive disclosures are: the calculated annual percentage rate (APR), which incorporates all origination fees and prepaid charges to show the total annual cost of borrowing; the total amount financed, which is the principal amount minus any prepaid finance charges paid at closing; the total of all payments due over the full term of the loan; and the 3-business-day right of rescission for loans secured by a primary residence. This disclosure box cannot be hand-edited, covered with stickers, or modified in any way after printing. Any corrections to data in the box require a full reprint of the TIL sheet before the borrower signs the document. If the disclosure box is missing, incomplete, or altered, the TIL sheet is considered non-compliant with Truth in Lending Act requirements, and the entire loan package will be rejected by servicers and regulators. Illustrative example: a TIL sheet with a hand-corrected APR in the mandatory disclosure box will be rejected by 98% of consumer loan servicers, per standard industry compliance protocols. You can confirm the TIL sheet is compliant by verifying that all boxed fields are clearly typed, no text is cut off, and the box is positioned at the top of the page above all other content except the servicer’s letterhead.
Signature Verification Note Tying Execution Dates For Both Documents Together
Both the promissory note and the TIL sheet must be signed and dated by all borrowers on the exact same date to be considered valid. If a co-borrower is listed on the loan, both parties must sign both documents on the same date, and signatures must match the government-issued identification on file for each borrower. To formalize this alignment, add a 1-sentence signature verification note to the bottom of your cross-check form: “I verify that the promissory note and Truth-in-Lending sheet included in this package were executed by all borrowers on [MM/DD/YYYY], and that all signatures match the government-issued identification on file for each signer.” This note must be signed and dated by the notary or neutral witness present at the time of document execution. Digital signatures are acceptable for both documents, as long as they are timestamped by a compliant e-signature platform that verifies the signer’s identity at the time of signing. If the execution dates listed on the two documents differ, the loan package will be returned for re-execution, delaying disbursement by an average of 3 to 5 business days. You should retain a copy of the signed verification note with your personal loan records for future reference if servicing disputes arise.
Before filing your next consumer loan document package, complete the cross-check of overlapping fields between the promissory note and TIL sheet and attach the signed signature verification note to your filing within 24 hours of document execution.
