An MLO receives a loan application where the borrower lists their income as 'self-employed - varies monthly.' No specific dollar amount is provided. The borrower states they will provide tax returns later. What is the status of this application under TRID?
Correct Answer
B) Incomplete, as no specific income amount was provided
Under TRID regulations, the income information must include a specific amount or estimate. Simply stating 'self-employed - varies monthly' without providing a dollar figure does not satisfy the income requirement for application completeness. The borrower must provide at least an estimated income amount.
Why This Is the Correct Answer
Under TRID regulations, the income information must include a specific amount or estimate. Simply stating 'self-employed - varies monthly' without providing a dollar figure does not satisfy the income requirement for application completeness. The borrower must provide at least an estimated income amount.
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