Origination ActivitiesQuestion 178 of 400
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?
a.Immediately on Monday, because all six pieces of an application have now been received
b.Only after the borrower signs Form 1003
c.After the appraisal is completed
d.After the borrower pays the application fee
Explanation
The six pieces of information are complete, so an 'application' exists and the LE clock starts the day they are received. The creditor must deliver or mail the Loan Estimate within three business days. No signature or fee payment is needed to start the clock.
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Related questions on this topic
- Under TRID, a mortgage 'application' is legally triggered when the consumer submits which set of information?
- 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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