Origination ActivitiesQuestion 199 of 400
Which of the following is disclosed on the Loan Estimate?
a.The final, exact amount of cash to close guaranteed at closing
b.The estimated interest rate, monthly payment, and total closing costs
c.The seller's net proceeds
d.The real estate agent's commission split
Explanation
The Loan Estimate discloses key estimated loan terms, including the interest rate, monthly principal and interest payment, and total estimated closing costs. It is an estimate designed to help the consumer understand and compare offers, not a final, guaranteed figure.
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Related questions on this topic
- Which post-CD change does NOT trigger a new three-business-day waiting period?
- A new three-business-day waiting period after the Closing Disclosure is required in all of the following EXCEPT:
- If the Closing Disclosure is placed in the mail, when is the consumer presumed to have received it (absent evidence of earlier receipt)?
- The primary purpose of the Loan Estimate is to:
- Under TRID, who is responsible for ensuring the Loan Estimate is provided to the consumer?
- A mortgage broker receives a consumer's application. Which statement is correct about the Loan Estimate?
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