Origination ActivitiesQuestion 177 of 400
Under TRID, a mortgage 'application' is legally triggered when the consumer submits which set of information?
a.Name, income, and a signed purchase contract only
b.A completed Form 1003 signed by the borrower and co-borrower
c.Name, Social Security number, and proof of homeowners insurance
d.Name, income, SSN, property address, estimated property value, and loan amount sought
Explanation
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.
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Related questions on this topic
- A loan officer receives the borrower's name, income, SSN, subject property address, an estimate of the property's value, and the requested loan amount on Monday. When does the three-business-day Loan Estimate clock begin?
- Which of the following is NOT one of the six pieces of information that constitute an application under TRID?
- The creditor must deliver or place in the mail the Loan Estimate no later than how many business days after receiving the application?
- In addition to being provided within three business days of application, the Loan Estimate must be received by the consumer no later than how many business days before consummation?
- The consumer must receive the Closing Disclosure at least how long before consummation?
- For the Closing Disclosure's three-business-day waiting period, 'business day' is defined as:
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