A borrower receives their Closing Disclosure on Monday and is scheduled to close on Thursday of the same week. On Wednesday, the lender discovers the property taxes were underestimated by $200 per month. When is the earliest the loan can close?
Correct Answer
C) The following Monday
A $200 monthly increase in property taxes significantly affects the monthly payment and triggers the need for a corrected Closing Disclosure. The borrower must receive the corrected disclosure at least 3 business days before closing, making Monday the earliest closing date.
Why This Is the Correct Answer
A $200 monthly increase in property taxes significantly affects the monthly payment and triggers the need for a corrected Closing Disclosure. The borrower must receive the corrected disclosure at least 3 business days before closing, making Monday the earliest closing date.
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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?
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