Under TILA, when must a lender provide the Loan Estimate to a borrower who has submitted a complete application for a mortgage loan?
Correct Answer
B) Within 3 business days of receiving the application
Under the TILA-RESPA Integrated Disclosure Rule (TRID), lenders must provide the Loan Estimate within 3 business days of receiving a complete application, as specified in 12 CFR 1026.19(e)(1)(iii).
Why This Is the Correct Answer
Under the TILA-RESPA Integrated Disclosure Rule (TRID), lenders must provide the Loan Estimate within 3 business days of receiving a complete application, as specified in 12 CFR 1026.19(e)(1)(iii).
More Origination Questions
A borrower has a construction-to-permanent loan with a 12-month construction phase. At month 10, construction is only 60% complete due to delays. What is the most likely outcome?
For a construction-to-permanent loan, when must the initial Closing Disclosure be provided for the construction phase?
During a refinance transaction, the appraiser determines that significant unpermitted additions were made to the property. The appraiser wants to discuss this with the MLO before finalizing the report. What should the MLO do?
An appraiser discovers that a property has significant foundation issues that were not disclosed. The appraiser reduces the property value by $25,000 and includes detailed comments about the structural problems. The loan officer is upset because this will kill the deal. Under AIR, the loan officer:
An MLO's compensation structure includes higher payments for certain loan products. When is it acceptable to recommend these higher-compensated products?
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Uniform State Test Content
12% of exam
Previous Question
A borrower's credit report shows a foreclosure that was completed 3 years ago. What is the typical waiting period for a conventional loan after foreclosure?
Next Question
A borrower's credit report shows multiple tradelines with 30-day late payments occurring 3 years ago, but perfect payment history for the past 24 months. How should an MLO evaluate this credit pattern?