Alex is reviewing a mortgage file involving rate lock and Loan Product Comparison Requirements. Which response best follows the governing rule?
Correct Answer
D) Provide the revised Loan Estimate within three business days of lock
rate locks can require revised Loan Estimates and accurate interest-rate-dependent disclosures. This item uses an exam-style scenario; any file details in the stem are illustrative and the governing rule controls the compliant response. The best answer is "Provide the revised Loan Estimate within three business days of lock".
Why This Is the Correct Answer
rate locks can require revised Loan Estimates and accurate interest-rate-dependent disclosures. This item uses an exam-style scenario; any file details in the stem are illustrative and the governing rule controls the compliant response. The best answer is "Provide the revised Loan Estimate within three business days of lock".
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In a training scenario, the consumer locks the interest rate after the initial disclosure package. What action best follows the rule?
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Before closing, the team discovers that a late closing change occurs and the team must decide whether a new waiting period is required. What is the safest compliant answer?