For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Correct Answer
C) At least 3 business days before consummation
Under TILA/Regulation Z Section 1026.19(f), creditors must provide the Closing Disclosure to the borrower at least 3 business days before consummation of a closed-end mortgage loan. This gives borrowers time to review the final terms before closing.
Why This Is the Correct Answer
Under TILA/Regulation Z Section 1026.19(f), creditors must provide the Closing Disclosure to the borrower at least 3 business days before consummation of a closed-end mortgage loan. This gives borrowers time to review the final terms before closing.
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?
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