Finance
In Hawaii, a lender who fails to provide the required Closing Disclosure at least 3 business days before closing is violating:
AECOA
BRESPA/TRID✓ Correct
CFIRPTA
DFair Housing Act
Explanation
TRID (TILA-RESPA Integrated Disclosure) requires lenders to provide the Closing Disclosure at least 3 business days before consummation (closing) so borrowers can review final loan terms.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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