Escrow & Title
In Alaska, the closing disclosure (CD) must be provided to the borrower at least how many business days before closing?
A1 business day
B3 business days✓ Correct
C5 business days
D10 business days
Explanation
Under TRID rules, the Closing Disclosure must be provided to the borrower at least three business days before consummation (closing). This gives borrowers time to review final loan terms.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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