A borrower scenario raises a question about rate lock and Rate Lock Provisions. Which answer should Frankie rely on?
Correct Answer
C) Use a corrected Closing Disclosure if the lock occurs after the CD
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 "Use a corrected Closing Disclosure if the lock occurs after the CD".
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 "Use a corrected Closing Disclosure if the lock occurs after the CD".
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