The Closing Disclosure must be provided to the borrower at least three business days before closing. If the closing is scheduled for Friday, and Saturdays and Sundays are not business days for this lender, when is the latest the borrower can receive the Closing Disclosure?
Correct Answer
A) Tuesday of the same week
Counting back three business days from Friday: Thursday (1), Wednesday (2), Tuesday (3). The borrower must receive the Closing Disclosure no later than Tuesday to allow three full business days (Wednesday, Thursday, Friday) before closing.
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- → A borrower compares the Loan Estimate to the Closing Disclosure and notices that the recording fees increased by $50 from $350 to $400. Recording fees are set by the government. Under TRID tolerance rules, is this increase allowed?
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- → A lender's origination charge on the Loan Estimate is $2,000. At closing, the origination charge on the Closing Disclosure is $2,300. Under TRID, what must the lender do?