Timeframes
When must the Loan Estimate be delivered to the consumer, after receiving application?
3 business days
Creditors must retain all documentation used to calculate average charges for a particular class of transactions for how long......?
At least 3 years
Assume an application is taken on Monday. Assuming no federal holidays, by which day must the Loan Estimate be issued?
Thursday
The CHARM Booklet is an educational disclosure required by which piece of federal legislation?
TILA
When does the consumer become contractually obligated on a credit transaction?
At consummation
In a seller transaction, within how many days must a settlement agent deliver a corrected disclosure to the seller after consummation?
30 days
How long should a creditor retain the records that show compliance with Closing Disclosure requirements and all related documents.
5 years after consummation
For the purpose of issuing a revised Loan Estimate, "changed circumstances" that affect aggregate estimated settlement charges must result in a change to those charges of more than.....
10%
Which legislation sets the disclosure requirements for the Affiliated Business Arrangement Disclosure?
RESPA
The TRID Rule does not apply to...
HELOCs
Reverse Mortgages
Mortgages secured by a mobile home or dwelling not attached to real property
The estimate for the interest rate shown on a Loan Estimate must be available for at least ___ business days.
How many of us are going to pass the test
ALL OF US
A lending transaction has been rescinded by a consumer with cold feet. What happens as a result?
The creditor no longer has a security interest in the property and must return to the borrower all fees paid during the loan process, and the borrower must return loan funds to the creditor
The final APR for a loan is disclosed on the...
Closing Disclosure
What area of the LE would a borrower be able see if their loan has a ballon payment
Loan Terms Section