Under TRID, how far in advance of closing must the Closing Disclosure be provided to the borrower?
Correct Answer
B) At least 3 business days before closing
Under TRID rules, the lender must provide the Closing Disclosure to the borrower at least 3 business days before consummation of the loan. This gives borrowers time to review final loan terms and costs and compare them to the Loan Estimate they received earlier in the process.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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.
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