For an HPML transaction, the creditor must obtain an appraisal that includes a physical inspection of the property's interior. When must the borrower receive a copy of this appraisal?
Correct Answer
B) At least 3 business days before consummation
Under TILA Section 1026.35(c)(3), for HPMLs, the creditor must provide the borrower with a copy of any appraisal at least 3 business days before consummation of the transaction.
Why This Is the Correct Answer
Under TILA Section 1026.35(c)(3), for HPMLs, the creditor must provide the borrower with a copy of any appraisal at least 3 business days before consummation of the transaction.
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Under the Ability-to-Repay rule, which of the following factors must a creditor consider when determining a consumer's ability to repay a mortgage loan?
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A construction-to-permanent loan will have two separate closings. The borrower will first close on a construction loan, then later close on the permanent financing. How should the Loan Estimate disclosure timing be handled?