A borrower applies for a reverse mortgage (HECM) on their primary residence. Which TRID disclosure requirement applies to this transaction?
Correct Answer
D) TRID disclosures are not required for reverse mortgages
Reverse mortgages are specifically excluded from TRID requirements under 12 CFR 1026.19(e)(1)(ii). These transactions are subject to different disclosure requirements under the reverse mortgage regulations rather than TRID.
Why This Is the Correct Answer
Reverse mortgages are specifically excluded from TRID requirements under 12 CFR 1026.19(e)(1)(ii). These transactions are subject to different disclosure requirements under the reverse mortgage regulations rather than TRID.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
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For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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