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) 3 business days
Under the TRID rule (TILA-RESPA Integrated Disclosure), lenders must provide the Closing Disclosure to the borrower at least 3 business days before consummation of the loan, giving borrowers time to review final loan terms and costs.
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Related Topics & Key Terms
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Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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.
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