Under TRID requirements, if a rate lock extends beyond the initial Closing Disclosure delivery, what must the lender do?
Correct Answer
B) Provide a revised Closing Disclosure if the rate changes
Under TRID, if circumstances change that affect the Closing Disclosure, including rate changes due to lock expiration, the lender must provide a revised Closing Disclosure and may need to restart waiting periods depending on the changes.
Why This Is the Correct Answer
Under TRID, if circumstances change that affect the Closing Disclosure, including rate changes due to lock expiration, the lender must provide a revised Closing Disclosure and may need to restart waiting periods depending on the changes.
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An MLO submits a cash-out refinance to LP and receives a message stating 'Cash-Out Amount Exceeds Guidelines.' The loan-to-value ratio is 75% and the borrower has excellent credit. What is the most likely cause of this message?
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A self-employed borrower's tax returns show significant depreciation expenses that reduce their adjusted gross income. For mortgage qualification purposes, the MLO should: