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A mortgage team asks an audit analyst about TILA Loan Estimate Timing during a mortgage operations checklist. Which answer should guide the file?

Correct Answer

A) Document material borrower communications

Borrower communication must be timely, accurate, and tied to disclosure or action-notice duties. The best answer is "Document material borrower communications".

Answer Options
A
Document material borrower communications
B
Quote final loan terms without identifying which facts are still assumptions.
C
Use a phone explanation instead of providing the disclosure required for the file.
D
Delay the early disclosure until underwriting has confirmed the borrower income.

Why This Is the Correct Answer

Borrower communication must be timely, accurate, and tied to disclosure or action-notice duties. The best answer is "Document material borrower communications".

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