Which financial information is NOT required on the closing disclosure under TILA?

The note rate is not a required disclosure on the Closing Disclosure under the Truth in Lending Act (TILA). The primary purpose of TILA is to ensure that borrowers receive clear and comprehensive information about the terms of their loans, including the costs associated with borrowing.

On the Closing Disclosure, essential financial information must include total payments, finance charges, and the amount financed. Total payments represent the total amount that the borrower will pay over the life of the loan, finance charges indicate the cost of borrowing (including interest and additional fees), and the amount financed shows the total loan amount that the borrower is receiving.

While the note rate is important for understanding the interest that will apply to a loan, it is considered part of the loan's terms rather than a monetary figure that needs to be disclosed at closing. TILA focuses on the overall costs and implications of the loan rather than specific terms like the note rate. Therefore, omitting the note rate from the Closing Disclosure does not violate TILA’s requirements, highlighting why it is the correct answer in this context.