A team member asks about TILA Closing Disclosure Timing in an investor-delivery review while trying to identify which rule controls the file. Which response should the file reviewer use?
Correct Answer
D) Use a corrected Closing Disclosure when terms change
The Closing Disclosure must be received in time and corrected under Regulation Z rules. The best answer is "Use a corrected Closing Disclosure when terms change".
Why This Is the Correct Answer
The Closing Disclosure must be received in time and corrected under Regulation Z rules. The best answer is "Use a corrected Closing Disclosure when terms change".
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An MLO is reviewing procedures for a case where a borrower sends a written request for information to the servicer-designated address. What is the proper handling?
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