Origination ActivitiesQuestion 188 of 400
A revised Loan Estimate must be received by the consumer no later than how many business days before consummation?
a.1 business day
b.3 business days
c.4 business days
d.7 business days
Explanation
A revised Loan Estimate must be received by the consumer no later than four business days before consummation. Because the consumer must also receive the Closing Disclosure three business days before consummation, a revised LE cannot be issued on or after the CD is provided.
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Related questions on this topic
- Before the consumer has received the Loan Estimate and communicated intent to proceed, the creditor may collect which fee?
- Which of the following qualifies as the consumer's 'intent to proceed' with the transaction?
- When a valid changed circumstance justifies a revised Loan Estimate, the creditor must deliver or mail it within how many business days of receiving information sufficient to establish the change?
- Which charge is subject to a zero percent tolerance (cannot increase from the LE to the CD)?
- Which fee falls under the 10 percent cumulative tolerance category?
- Which of the following is generally subject to NO tolerance limitation (may change without violating good faith)?
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