A borrower provides an estimated property value of $450,000 on their application, but the property is currently under contract for $425,000. For TRID application purposes, which value should be used to determine if the application is complete?
Correct Answer
A) The $450,000 estimated value provided by the borrower
For TRID application completeness purposes, the estimated property value provided by the borrower satisfies the requirement, even if it differs from the contract price. The regulation requires the borrower's estimate of property value, not necessarily the most accurate value. The actual value will be determined through the appraisal process.
Why This Is the Correct Answer
For TRID application completeness purposes, the estimated property value provided by the borrower satisfies the requirement, even if it differs from the contract price. The regulation requires the borrower's estimate of property value, not necessarily the most accurate value. The actual value will be determined through the appraisal process.
More Mortgage Knowledge Questions
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