Finance
What federal law requires lenders to provide a Loan Estimate within three business days of receiving a mortgage application?
ARESPA
BTruth in Lending Act
CTRID (TILA-RESPA Integrated Disclosure Rule)✓ Correct
DEqual Credit Opportunity Act
Explanation
The TRID rule (TILA-RESPA Integrated Disclosure) requires lenders to provide a Loan Estimate within three business days of receiving a completed mortgage application.
Related Kentucky Finance Questions
- In Kentucky, a hard money loan is typically characterized by:
- A buydown in mortgage financing means:
- A Kentucky buyer obtains a 30-year, $220,000 mortgage at 5.75% with a monthly payment of $1,284. After 5 years, the remaining balance is approximately $207,000. How much equity has been built through principal paydown?
- Private mortgage insurance (PMI) is typically required when:
- Predatory lending refers to:
- In Kentucky, a purchase-money mortgage is one where:
- A discount point paid on a mortgage loan is equal to:
- Which federal law gives borrowers the right to receive a copy of their credit report when credit is denied?
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →