Origination ActivitiesQuestion 205 of 400
When a creditor permits the consumer to shop for a settlement service, the creditor must provide:
a.A guarantee of the lowest price
b.An appraisal waiver
c.A signed intent to proceed
d.A written list identifying at least one available provider for each such service
Explanation
For services the consumer can shop for, the creditor must give the consumer a written list identifying at least one provider for each such service. This helps the consumer shop while keeping listed providers within the 10 percent tolerance.
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Related questions on this topic
- 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:
- If the creditor allows the consumer to shop for a service but fails to provide the required written list of providers, the charge for that service is generally treated under which tolerance?
- Which of the following qualifies as a 'changed circumstance' that permits a revised Loan Estimate?
- A revised Loan Estimate is also permitted when:
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