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 before closing
Under the TRID (TILA-RESPA Integrated Disclosure) rule, lenders must provide the Closing Disclosure to the borrower at least 3 business days before consummation of the loan. This waiting period gives borrowers time to review final loan terms before signing.
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Related Concepts
A comparison of the major mortgage loan types—conventional, FHA, VA, and USDA—covering their eligibility requirements, down payment amounts, mortgage insurance rules, and best use cases.
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.
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