Origination ActivitiesQuestion 211 of 400
Under TRID, 'consummation' refers to:
a.The day the consumer receives the keys
b.The time the consumer becomes contractually obligated on the loan
c.The day the appraisal is ordered
d.The day the loan funds are disbursed
Explanation
Consummation is the time at which the consumer becomes contractually obligated on the loan, as determined by state law. It is a distinct concept from closing or funding, and the CD waiting period is measured against consummation.
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Related questions on this topic
- 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?
- 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)?
- The Closing Disclosure primarily shows:
- A key reason the CD mirrors the LE's format is to:
- A consumer receives the Closing Disclosure in person on Monday. Assuming no intervening federal holidays, the earliest day consummation may occur is:
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