Origination ActivitiesQuestion 222 of 400
A borrower gives the loan officer their name, monthly income, SSN, the loan amount they want, and an estimate of the home's value, but has not yet identified a specific property address. Under TRID:
a.An application has NOT yet been triggered, because the property address is still missing
b.An application is triggered because five pieces are enough
c.The LE must be sent within three days anyway
d.The six-piece rule does not apply to purchase loans
Explanation
All six pieces are required for an application, and the property address is one of them. With only five pieces provided, no application has been triggered and the three-business-day LE clock has not yet started.
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Related questions on this topic
- 'Services the consumer can shop for' are those for which:
- For purposes of triggering an application, the 'estimated value of the property' may be based on:
- Before the consumer receives the Loan Estimate, if the creditor provides a written estimate of terms or costs, it must:
- A creditor may use a revised Loan Estimate to reset a tolerance baseline only when:
- The borrower asks to switch from a 30-year to a 15-year loan after the initial LE, changing several costs. The creditor may:
- A revised Loan Estimate may NOT be provided:
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