Finance
A Florida lender must provide a 'Loan Estimate' to a mortgage applicant within 3 business days. If the lender does not intend to proceed with the loan, the lender must:
ASend a Loan Estimate anyway and then deny the application
BNotify the applicant within 3 business days with a denial or notice of incompleteness✓ Correct
CWait 30 days before notifying the applicant
DFile a report with FREC
Explanation
RESPA/TRID requires lenders to either provide a Loan Estimate or notify the applicant with a denial or application incompleteness notice within 3 business days of receiving a completed application.
Related Florida Finance Questions
- A Florida property is purchased for $450,000 with a 20% down payment. The LTV ratio on the mortgage is:
- A Florida homeowner refinances their mortgage. The 'right of rescission' under TILA gives the borrower how long to cancel the new loan?
- A Florida seller takes back a purchase money second mortgage for $30,000 at 6% for 5 years. The annual interest for the first year is:
- A Florida adjustable rate mortgage (ARM) has an initial rate of 3.5% and is tied to the 1-year Treasury index with a 2% margin. If at adjustment the index is at 4%, what is the new interest rate?
- A Florida property is subject to a 'wraparound mortgage.' This means:
- A Florida homeowner has a $200,000 first mortgage and the property is worth $300,000. The homeowner wants to access equity through a 'home equity line of credit' (HELOC). The maximum HELOC they can typically obtain (assuming 80% CLTV limit) is:
- A Florida homebuyer uses a 'bridge loan' in their purchase. A bridge loan is best described as:
- Under the Community Reinvestment Act (CRA), what are banks required to do?
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →