Federal Mortgage LawsQuestion 2 of 400
Under the TRID rule, the borrower must receive the Closing Disclosure no later than how many business days before consummation of the loan?
a.1 business day
b.3 business days
c.7 business days
d.10 business days
Explanation
The Closing Disclosure must be received by the borrower at least 3 business days before consummation, giving time to compare it to the Loan Estimate. The 7-business-day rule applies to delivery of the initial Loan Estimate before consummation. One and ten business days are not TRID timing requirements.
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