Federal Mortgage LawsQuestion 19 of 400
For purposes of TRID's 'application' definition that triggers the Loan Estimate, an application is considered received when the lender obtains which six pieces of information?
a.Name, income, Social Security number, property address, estimated property value, and loan amount sought
b.Name, employer, bank balance, credit score, down payment, and closing date
c.Name, marital status, race, property address, loan amount, and appraisal
d.Name, income, monthly debts, property taxes, insurance, and loan term
Explanation
Under TRID, an application consists of six items: the consumer's name, income, Social Security number (to obtain a credit report), property address, an estimate of the property's value, and the loan amount sought. Once all six are received, the 3-business-day Loan Estimate clock starts. The other lists include items not part of the regulatory definition.
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