Under RESPA, when must a lender provide the borrower with the Closing Disclosure for a California real estate transaction?
Correct Answer
B) At least 3 business days before closing (consummation of the loan)
Under the TILA-RESPA Integrated Disclosure (TRID) rules, the Closing Disclosure must be provided to the borrower at least 3 business days before consummation (closing) of the loan. This gives the borrower time to review final terms and costs.
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Related Topics & Key Terms
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Related Concepts
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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