Under TRID rules, which document must a lender provide to a borrower within 3 business days of receiving a completed loan application?
Why The Loan Estimate Is Correct
Answer C: The Loan Estimate
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
People Also Study
Related California Questions
- RESPA (Real Estate Settlement Procedures Act) requires lenders to provide buyers with a Closing Disclosure at least how many business days before closing?Escrow & Title
- Which document provides a borrower with a standardized breakdown of estimated closing costs within 3 business days of a loan application?Finance
- What is the purpose of the Good Faith Estimate (now Loan Estimate) under RESPA?Finance
- Under Regulation Z (Truth in Lending Act), if a lender advertises a specific monthly payment, they must also disclose:Finance
- In California, a lender who forecloses on a purchase money deed of trust on a 1-4 unit residential property occupied by the borrower is generally:Finance
- After a loan is paid off in California, the lender should provide a:Escrow & Title
- Real estate trust funds must be deposited into the trust account within how many business days of receipt?DRE & Licensing
- Under California law, a real estate licensee who acts as a loan broker in a transaction must provide the borrower with a:Contracts
Key Terms to Know
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Study This Topic
Practice More California Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free California Quiz →