Origination ActivitiesQuestion 209 of 400
When a consumer locks an interest rate after the initial Loan Estimate, the creditor must provide a revised Loan Estimate by when?
a.Within 7 business days
b.At consummation
c.It is never required
d.No later than three business days after the rate is locked
Explanation
A rate lock is a specific event that permits a revised Loan Estimate. When the rate is locked, the creditor must provide the revised LE no later than three business days after the lock so the disclosed rate-dependent charges reflect the locked rate.
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Related questions on this topic
- 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:
- The Loan Estimate states that the consumer must indicate intent to proceed within how many business days for the closing cost estimates to remain available (the standard minimum period)?
- Under TRID, 'consummation' refers to:
- The Closing Disclosure primarily shows:
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