Finance
Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a mortgage application?
ARESPA
BTILA
CTRID (TILA-RESPA Integrated Disclosure rule)✓ Correct
DHMDA
Explanation
The TRID rule (TILA-RESPA Integrated Disclosure), effective October 2015, combined TILA and RESPA disclosures into two new forms: the Loan Estimate (provided within 3 business days of application) and the Closing Disclosure (provided 3 business days before closing).
Related Illinois Finance Questions
- A buyer is purchasing a home for $310,000 with a 10% down payment. The seller has agreed to pay 3% of the purchase price toward the buyer's closing costs. The buyer's total cash needed at closing (down payment + remaining closing costs above seller's contribution), assuming total closing costs of 4%:
- What is 'private mortgage insurance' (PMI) cancellation rights for Illinois homeowners?
- Which mortgage clause requires the borrower to make regular payments and pay off the loan upon sale of the property?
- A construction loan differs from a standard mortgage because:
- A buyer makes a down payment of $40,000 on a $200,000 purchase. What is the loan-to-value ratio?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit transactions based on all of the following EXCEPT:
- The 'closing disclosure' required by TRID must be provided to the borrower at least how many business days before closing?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in lending based on all of the following EXCEPT:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →