What constitutes a 'completed application' under TRID for the purpose of triggering the Loan Estimate requirement?
Correct Answer
C) The six pieces of information: name, income, SSN, property address, estimated value, and loan amount
Under 12 CFR 1026.2(a)(3), a completed application requires six pieces of information: borrower's name, income, Social Security number, property address, estimated property value, and mortgage loan amount sought.
Why This Is the Correct Answer
Under 12 CFR 1026.2(a)(3), a completed application requires six pieces of information: borrower's name, income, Social Security number, property address, estimated property value, and mortgage loan amount sought.
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
Under TILA-RESPA Integrated Disclosure (TRID) rules, when must settlement service provider information be disclosed to the borrower?
Next Question
A borrower's loan is submitted to LP and receives an 'Accept' recommendation, but the MLO notices the credit score used was 580, while the borrower's middle score is actually 620. What should the MLO do?