NMLS SAFE MLO — Mortgage Loan Originator

Under TRID, a mortgage 'application' is legally triggered when the consumer submits which set of information?

1. AName, Social Security number, and proof of homeowners insurance
2. BName, income, SSN, property address, estimated property value, and loan amount soughtCorrect
3. CA completed Form 1003 signed by the borrower and co-borrower
4. DName, income, and a signed purchase contract only

Why: Under TRID an application consists of six specific pieces of information: name, income, Social Security number, property address, an estimate of the property's value, and the loan amount sought. A signed Form 1003 is not required; once the creditor has all six pieces, the Loan Estimate clock starts.TRID

A borrower submits a complete mortgage application on Monday. Under the TRID rule, what is the latest the lender may deliver or place the Loan Estimate in the mail?

1. ANo later than 3 business days after receiving the applicationCorrect
2. BBy the end of the same business day
3. CWithin 24 hours of application
4. DAt least 7 business days before closing

Why: TRID requires the Loan Estimate to be delivered or mailed no later than 3 business days after the lender receives a complete application. The 7-business-day figure is the waiting period between delivering the LE and consummation, not the delivery deadline. Same-day or 24-hour delivery is not required.TRID