Finance
In New Mexico, the 'Good Faith Estimate' (GFE) has been replaced under TRID by which disclosure?
AThe HUD-1 Settlement Statement
BThe Loan Estimate (LE), provided to borrowers within 3 business days of loan application✓ Correct
CThe Annual Percentage Rate disclosure
DThe RESPA disclosure
Explanation
The TRID rules replaced the Good Faith Estimate with the Loan Estimate (LE), provided within 3 business days of application. The LE gives borrowers an early estimate of loan terms and closing costs for comparison shopping.
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