On the Closing Disclosure, if the actual cash to close amount varies from the Loan Estimate by more than $100, what must the lender do?
Correct Answer
A) Provide a detailed explanation of the variance
Under TRID, if the actual cash to close amount on the Closing Disclosure varies by more than $100 from the amount disclosed on the Loan Estimate, the lender must provide a detailed explanation of the variance on the Closing Disclosure.
Why This Is the Correct Answer
Under TRID, if the actual cash to close amount on the Closing Disclosure varies by more than $100 from the amount disclosed on the Loan Estimate, the lender must provide a detailed explanation of the variance on the Closing Disclosure.
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