Hoạt động cấp khoản vayCâu 234 / 400
A borrower requests a rate lock on Tuesday and the loan officer confirms a 45-day lock in writing. What does this lock agreement primarily guarantee?
a.That the appraisal will support the purchase price
b.That the loan will be approved by underwriting
c.That closing costs will not increase for any reason
d.That the quoted interest rate and points are held for a set period if the loan closes within that window
Giải thích
A rate lock guarantees the interest rate and points for a specified period, provided the loan closes within that window and terms do not change. It does not guarantee underwriting approval, appraised value, or that all closing costs remain fixed.
Trích dẫn luật: TILA-RESPA Integrated Disclosure (TRID)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- During processing, an underwriter needs to verify a salaried borrower's income. Which document set most directly supports qualifying income for a W-2 wage earner?
- An automated underwriting system returns a recommendation on a conventional loan submitted to Fannie Mae. Which system produced the finding?
- A property appraisal comes in $15,000 below the agreed purchase price on a home the buyer is financing at 95% LTV. If nothing else changes, what is the most likely consequence?
- A flood determination shows the subject property sits in a Special Flood Hazard Area (SFHA), and the loan is federally related. What must the lender require?
- A title search reveals an unreleased mechanic's lien from a prior contractor. Before closing, what is the appropriate resolution?
- An underwriter issues a conditional approval. What best describes a loan condition?
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