During a disclosure desk review, a processor encounters a TRID Loan Estimate Timing issue. Which response should select the answer that fits the governing requirement?
Correct Answer
A) Collect only a bona fide credit-report fee before intent
TRID Loan Estimate duties begin when the application trigger is met. The best answer is "Collect only a bona fide credit-report fee before intent".
Why This Is the Correct Answer
TRID Loan Estimate duties begin when the application trigger is met. The best answer is "Collect only a bona fide credit-report fee before intent".
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A mortgage file is paused during a secondary-market screen because of RESPA Section 8 Prohibitions. Which answer should decide how the file should be documented?
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During a post-application update, a disclosure specialist encounters a HOEPA High Cost Mortgage Restrictions issue. Which response should confirm the rule-based response?