A borrower supplies five of the six items on Monday 5 May and the estimated property value on Thursday 8 May. A processor dates the disclosure clock from the Monday. Which date is right?
Correct Answer
D) Count timing from the application trigger
Why this is correct: Under TRID rules, the timing for providing the Loan Estimate is calculated from the receipt of a mortgage application, which is triggered by the consumer submitting six specific pieces of information. "Count timing from the application trigger" correctly identifies that the deadline is based on this event. Why the other choices are wrong: "Use an internal exception instead of the required federal disclosure or timing rule" is wrong because internal policies cannot override federal TRID timing requirements. "Delay the TILA TRID Loan Estimate step until a later anti-steering review instead of acting now" is wrong because the Loan Estimate must be provided promptly after application, not delayed for unrelated reviews. "Rely on oral agreement when the rule requires documented compliance" is wrong because TRID requires written disclosures. Exam tip: The TRID Loan Estimate must be provided no later than three business days after receiving the application and at least seven business days before consummation.
Why This Is the Correct Answer
The correct response is "Count timing from the application trigger" because TRID Loan Estimate duties begin when the application trigger is met.
Why the Other Options Are Wrong
Option A: Use an internal exception instead of the required federal disclosure or timing rule.
Use an internal exception instead of the required federal disclosure or timing rule. is not correct because it does not apply the rule tested by this file scenario.
Option B: Delay the TILA TRID Loan Estimate step until a later anti-steering review instead of acting now.
This distractor shifts the issue to a different trigger, product, or timing rule instead of applying the rule tested in the stem.
Option C: Rely on oral agreement when the rule requires documented compliance.
Rely on oral agreement when the rule requires documented compliance. is not correct because it does not apply the rule tested by this file scenario.
Memory Technique
TRID Loan Estimate timing: identify the rule being tested, then choose the action that documents or applies that rule before the file moves forward.
Exam Tip
Match the file facts to TRID Loan Estimate timing; do not choose an exception or shortcut that skips the required rule.
Common Mistakes to Avoid
- -Choosing an internal exception instead of the governing rule
- -Treating preliminary or informal facts as a substitute for required documentation
- -Answering from a familiar but unrelated mortgage topic
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