Under TRID, how many business days before closing must the borrower receive the Closing Disclosure?
Correct Answer
B) 3 business days before closing
Under the TRID rule, the borrower must receive the Closing Disclosure at least 3 business days before consummation of the loan. This waiting period gives the borrower time to review the final loan terms and closing costs and compare them to the original Loan Estimate.
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Related Topics & Key Terms
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Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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