A borrower submits a loan application but fails to provide their Social Security number, claiming privacy concerns. The MLO has obtained the borrower's name, income, estimated property value, loan amount, and property address. According to TRID regulations, what is the status of this submission?
Correct Answer
B) This is an incomplete application and no disclosures are required until the SSN is provided
Under TRID regulations (12 CFR 1026.19(e)), all six pieces of information are required for a complete application: borrower name, income, SSN, property address, estimated property value, and loan amount. Without the SSN, this remains an incomplete application and no Loan Estimate is required to be provided.
Why This Is the Correct Answer
Under TRID regulations (12 CFR 1026.19(e)), all six pieces of information are required for a complete application: borrower name, income, SSN, property address, estimated property value, and loan amount. Without the SSN, this remains an incomplete application and no Loan Estimate is required to be provided.
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