Under TRID, the Closing Disclosure must be provided to the borrower at least how many business days before consummation of the loan?
Correct Answer
B) At least 3 business days before closing
Under TRID (TILA-RESPA Integrated Disclosure), the Closing Disclosure must be delivered to the borrower at least 3 business days before loan consummation. This waiting period gives borrowers time to review the final loan terms and compare them to the Loan Estimate.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
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.
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