On the Loan Estimate, which of the following must be disclosed in the 'Other Costs' section even if the amount is unknown at the time of application?
Correct Answer
B) Property taxes with the statement 'amount will be determined'
Under TRID, if property taxes will be collected but the amount is unknown, the creditor must disclose the line item with language such as 'amount will be determined' rather than leaving it blank or omitting it entirely, per 12 CFR 1026.37(g)(3).
Why This Is the Correct Answer
Under TRID, if property taxes will be collected but the amount is unknown, the creditor must disclose the line item with language such as 'amount will be determined' rather than leaving it blank or omitting it entirely, per 12 CFR 1026.37(g)(3).
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