Escrow & Title
The Closing Disclosure (CD) must be provided to the borrower at least how many business days before closing?
A1 day
B3 days✓ Correct
C5 days
D7 days
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, the Closing Disclosure must be delivered to the borrower at least 3 business days before the loan closing.
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Key Terms to Know
Proration
The 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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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