Origination ActivitiesQuestion 201 of 400
Under TRID, who is responsible for ensuring the Loan Estimate is provided to the consumer?
a.Only the mortgage broker
b.The title company
c.The real estate agent
d.The creditor (though a mortgage broker may provide it)
Explanation
The creditor is ultimately responsible for ensuring the Loan Estimate is provided and is accurate. A mortgage broker may deliver the LE on the creditor's behalf, but that does not shift the creditor's compliance responsibility.
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Related questions on this topic
- If the Closing Disclosure is placed in the mail, when is the consumer presumed to have received it (absent evidence of earlier receipt)?
- Which of the following is disclosed on the Loan Estimate?
- The primary purpose of the Loan Estimate is to:
- A mortgage broker receives a consumer's application. Which statement is correct about the Loan Estimate?
- Before intent to proceed, the fee a creditor charges to obtain the credit report must be:
- A loan officer collects a $600 appraisal fee from the borrower one hour after issuing the LE but before the borrower says they want to move forward. This is:
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