Origination ActivitiesQuestion 213 of 400
A key reason the CD mirrors the LE's format is to:
a.Confuse comparison shopping
b.Eliminate the need for a promissory note
c.Speed up underwriting
d.Let the consumer easily compare final costs against the original estimates
Explanation
The Closing Disclosure uses a layout similar to the Loan Estimate so consumers can readily compare the final terms and costs to the estimates they received earlier. This comparability is central to the purpose of TRID disclosures.
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Related questions on this topic
- 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:
- 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:
- The consumer may waive the CD three-business-day waiting period only when:
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