Sawyer receives conflicting instructions about rate lock and Rate Lock Extensions. Which instruction should control?
Correct Answer
A) 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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