The Closing Disclosure form must be provided to a South Dakota borrower at least __________ before closing.
Correct Answer
B) 3 business days
Under the TRID rules, the Closing Disclosure must be provided to the borrower at least 3 business days before closing. This gives the borrower time to review final loan terms and costs and compare them with the Loan Estimate.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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