Origination ActivitiesQuestion 212 of 400
The Closing Disclosure primarily shows:
a.Only the interest rate
b.The consumer's credit score
c.The actual, final terms and closing costs of the mortgage transaction
d.An estimate that may still change substantially
Explanation
The Closing Disclosure sets out the actual, final terms and costs of the mortgage transaction. It uses a format similar to the Loan Estimate so consumers can compare the final figures against the earlier estimates.
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Related questions on this topic
- 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)?
- Under TRID, 'consummation' refers to:
- 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:
- A creditor places the Closing Disclosure in the mail. For the three-business-day receipt requirement, the consumer is presumed to receive it:
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