Under TILA-RESPA Integrated Disclosure (TRID) rules, when must settlement service provider information be disclosed to the borrower?
Correct Answer
C) On the Loan Estimate within three business days of application
Under TRID, settlement service provider costs must be disclosed on the Loan Estimate, which must be provided within three business days of receiving a complete application.
Why This Is the Correct Answer
Under TRID, settlement service provider costs must be disclosed on the Loan Estimate, which must be provided within three business days of receiving a complete application.
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A borrower owns a duplex and lives in one unit while renting the other. The rental income is $1,200 per month, but the borrower has no rental history or lease agreement. How should this income be treated?
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What constitutes a 'completed application' under TRID for the purpose of triggering the Loan Estimate requirement?