A 'good faith estimate' under the old RESPA rules has been replaced under TRID with the:
Why Loan Estimate Is Correct
Answer C: Loan Estimate
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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- Under RESPA, a Loan Estimate must be provided to the borrower within:Finance
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?Finance
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- An Arizona buyer receives a Closing Disclosure (CD). Under TRID rules, the borrower must receive the CD at least:Escrow & Title
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Key Terms to Know
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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