Which document must be provided to the borrower at least 3 business days before consummation of the loan?
Correct Answer
B) Closing Disclosure
Under TRID, the Closing Disclosure must be provided at least 3 business days before consummation, as required by 12 CFR 1026.19(f). This allows borrowers time to review final loan terms before closing.
Why This Is the Correct Answer
Under TRID, the Closing Disclosure must be provided at least 3 business days before consummation, as required by 12 CFR 1026.19(f). This allows borrowers time to review final loan terms before closing.
More Origination Questions
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For a construction-to-permanent loan, when must the initial Closing Disclosure be provided for the construction phase?
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A lender's appraisal management company (AMC) maintains a panel of approved appraisers. The AMC removes an appraiser from the panel after the appraiser consistently provides valuations that are lower than expected. This action is: