Origination ActivitiesQuestion 210 of 400
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)?
a.10 business days
b.3 business days
c.30 business days
d.7 business days
Explanation
The Loan Estimate must state that the estimated closing costs are available through a specified date, and that date must be at least 10 business days after the LE is provided. If the consumer does not indicate intent to proceed within that period, the creditor may revise the estimates.
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Related questions on this topic
- Which of the following qualifies as a 'changed circumstance' that permits a revised Loan Estimate?
- A revised Loan Estimate is also permitted when:
- When a consumer locks an interest rate after the initial Loan Estimate, the creditor must provide a revised Loan Estimate by when?
- Under TRID, 'consummation' refers to:
- The Closing Disclosure primarily shows:
- A key reason the CD mirrors the LE's format is to:
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