A lender provides a Closing Disclosure on Friday afternoon via email to a borrower who requested electronic delivery. Assuming no holidays, what is the earliest day the loan can close?
Correct Answer
C) The following Wednesday
For electronic delivery, the 3-business day period begins the business day after the borrower receives the disclosure. Friday delivery means counting starts Monday, making Wednesday (after Monday, Tuesday, Wednesday) the earliest closing date.
Why This Is the Correct Answer
For electronic delivery, the 3-business day period begins the business day after the borrower receives the disclosure. Friday delivery means counting starts Monday, making Wednesday (after Monday, Tuesday, Wednesday) the earliest closing date.
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?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
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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