Origination ActivitiesQuestion 202 of 400
A mortgage broker receives a consumer's application. Which statement is correct about the Loan Estimate?
a.The broker may provide the LE, but the creditor remains responsible for its accuracy and compliance
b.Only the creditor may ever provide the LE
c.The broker must provide the LE and the creditor bears no responsibility
d.No LE is required when a broker is involved
Explanation
When a broker receives the application, the broker may provide the Loan Estimate, but the creditor remains responsible for ensuring the LE complies with TRID. Only one LE should be provided for the transaction.
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Related questions on this topic
- Which of the following is disclosed on the Loan Estimate?
- The primary purpose of the Loan Estimate is to:
- Under TRID, who is responsible for ensuring the Loan Estimate is provided to the consumer?
- 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:
- When a creditor permits the consumer to shop for a settlement service, the creditor must provide:
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