Under the TRID rule, when must a lender provide the Loan Estimate to a borrower?
Correct Answer
A) Within 3 business days of receiving a completed application
Under TRID (TILA-RESPA Integrated Disclosure), lenders must provide the Loan Estimate within 3 business days of receiving a completed application, as required by Regulation Z (12 CFR 1026.19(e)).
Why This Is the Correct Answer
Under TRID (TILA-RESPA Integrated Disclosure), lenders must provide the Loan Estimate within 3 business days of receiving a completed application, as required by Regulation Z (12 CFR 1026.19(e)).
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Previous Question
An MLO discovers that a borrower's income documentation contains a mathematical error that overstates their qualifying income by $500 per month after the loan has been submitted for underwriting. What is the MLO's obligation under good faith and fair dealing principles?
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A borrower provides a W-2 showing gross income of $60,000 for the most recent year and $55,000 for the prior year. What is the appropriate method for calculating qualifying income?