A borrower submits an application with their name, income, SSN, property address, and estimated property value. What additional piece of information is needed to trigger the 3-day Loan Estimate disclosure requirement?
Correct Answer
B) Mortgage loan amount sought
The mortgage loan amount sought is the sixth required piece of information needed to constitute a complete application under TRID. Once all six pieces are received, the lender has three business days to provide the Loan Estimate.
Why This Is the Correct Answer
The mortgage loan amount sought is the sixth required piece of information needed to constitute a complete application under TRID. Once all six pieces are received, the lender has three business days to provide the Loan Estimate.
More Mortgage Knowledge Questions
A borrower is comparing two loan offers: Loan A has no points and 4.5% interest rate, Loan B has 2 points and 4.0% interest rate. The loan amount is $400,000. How much will the borrower pay upfront for the points on Loan B?
A lender charges a 1% origination fee on all loans. For a borrower obtaining a $250,000 mortgage, what is the maximum origination fee that can be charged without violating the points and fees test under the ATR/QM rule for a first-lien mortgage?
Under what circumstances can a Qualified Mortgage include a prepayment penalty?
A borrower is considering paying discount points to reduce their interest rate. Each point costs 1% of the loan amount and reduces the rate by 0.25%. On a $300,000 loan, how much would the borrower pay for 2 discount points?
A borrower asks about the difference between discount points and origination fees. What is the most accurate explanation?
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