A processor handoff raises a TILA TRID Disclosures question for an operations lead. What answer should guide the file?
Correct Answer
A) Use a revised Loan Estimate only for a valid reason
TRID Loan Estimate duties begin when the application trigger is met. The best answer is "Use a revised Loan Estimate only for a valid reason".
Why This Is the Correct Answer
TRID Loan Estimate duties begin when the application trigger is met. The best answer is "Use a revised Loan Estimate only for a valid reason".
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Previous Question
Before the team acts on a servicing handoff check, the file reviewer must address TRID Loan Estimate Revisions. Which response is most defensible?
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A mortgage file is paused during a secondary-market screen because of TILA Qualified Mortgage. Which answer should apply the requirement without relying on borrower preference?