Jordan has already received the initial Closing Disclosure. Before closing, several changes occur. Which change does NOT create a new three-business-day waiting period?
Correct Answer
A) Recording fees increase because the county adjusted its charges
Most changes after the initial Closing Disclosure require only a corrected Closing Disclosure at or before consummation. A recording-fee change is one of those ordinary changes and does not trigger a new three-business-day waiting period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
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