Under TRID, which set of information completes a mortgage application so that the creditor must provide a Loan Estimate?
Correct Answer
B) The consumer's name, income, Social Security number, property address, estimated property value, and desired loan amount
TRID treats an application as complete for Loan Estimate purposes once the creditor has six pieces of information: the consumer's name, income, Social Security number, property address, estimated property value, and desired loan amount. Once those six items are received, the creditor generally must deliver or place the Loan Estimate in the mail within three business days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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.
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