Finance
A NJ lender who charges a prepayment penalty on a residential mortgage loan must disclose this in the:
ATitle insurance policy
BLoan Estimate and Closing Disclosure under TRID✓ Correct
CThe listing agreement
DThe seller's disclosure notice
Explanation
Under TRID, prepayment penalties must be clearly disclosed on both the Loan Estimate (provided within 3 business days of application) and the Closing Disclosure (provided at least 3 business days before closing).
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