According to federal regulations, which of the following best describes when an application is considered 'received' for TRID timing purposes?
Correct Answer
B) When all six pieces of application information are submitted
Under TRID regulations (12 CFR 1026.19(e)), an application is considered received when the creditor receives all six pieces of information: applicant's name, monthly income, Social Security number, property address, estimated property value, and mortgage loan amount sought.
Why This Is the Correct Answer
Under TRID regulations (12 CFR 1026.19(e)), an application is considered received when the creditor receives all six pieces of information: applicant's name, monthly income, Social Security number, property address, estimated property value, and mortgage loan amount sought.
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?
People Also Study
Federal Mortgage-Related Laws
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Uniform State Test Content
12% of exam
Previous Question
A borrower's employer confirms employment and salary two days before closing, but on closing day, the borrower reveals they gave notice and their last day is tomorrow. The loan has already been funded by the lender. What should occur?
Next Question
What is the primary purpose of the closing protection letter in a real estate transaction?