On the Loan Estimate, the 'Cash to Close' amount is shown in which section?
Correct Answer
C) Costs at Closing
Under TRID regulations (12 CFR 1026.37(h)), the 'Cash to Close' amount is disclosed in the 'Costs at Closing' section of the Loan Estimate, which provides an estimate of the funds the borrower will need at closing.
Why This Is the Correct Answer
Under TRID regulations (12 CFR 1026.37(h)), the 'Cash to Close' amount is disclosed in the 'Costs at Closing' section of the Loan Estimate, which provides an estimate of the funds the borrower will need at 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?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
People Also Study
General Mortgage Knowledge
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 lender fails to provide the required PMI disclosure at loan closing. The borrower discovers this violation 18 months after closing. What is the potential penalty under the HPA?
Next Question
A borrower receives TILA disclosures for a mortgage loan on Thursday and the lender's office is closed Friday for a holiday. Assuming no changes to the loan terms, what is the earliest day the loan can be consummated?