Escrow & Title
RESPA requires a Closing Disclosure (CD) to be provided to the borrower at least how many business days before closing?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
RESPA (as implemented by the TRID rule) requires the lender to provide the Closing Disclosure to the borrower at least 3 business days before consummation (closing). This gives borrowers time to review final loan terms.
Related Arkansas Escrow & Title Questions
- The Loan Estimate (LE) must be provided to a mortgage applicant within how many business days after application?
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- The closing disclosure (CD) replaced which combination of prior forms under TRID?
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