Finance
In New York, TRID (TILA-RESPA Integrated Disclosure) rules require lenders to provide a 'Loan Estimate' to a mortgage applicant within:
A1 business day of receiving an application
B3 business days of receiving an application✓ Correct
C7 business days before closing
DAt closing only
Explanation
Under TRID (also called the 'Know Before You Owe' rule), lenders must provide a Loan Estimate to the borrower within 3 business days of receiving a completed mortgage application. The Loan Estimate discloses the loan terms, projected payments, and estimated closing costs.
People Also Study
Related New York Questions
- The Loan Estimate must be provided to a mortgage applicant within how many business days of application?Finance
- The Closing Disclosure (CD) under TRID must be provided to the borrower at least how many business days before closing?Finance
- In New York, a 'mortgage satisfaction' must be recorded by the lender within how many days of receiving full payoff?Finance
- Under New York law, a residential mortgage lender is required to provide the borrower with a 'Good Faith Estimate' (now replaced by the Loan Estimate under TRID) within:Finance
- In New York, a landlord must return a security deposit (or provide an itemized statement of deductions) within how many days after the tenant vacates?Property Management
- In New York, a seller's agent who assists the buyer in filling out their mortgage application without disclosure of their dual role is potentially:Agency
- In New York, a landlord must return a residential security deposit or provide an itemized statement of deductions within how many days after the tenant vacates?Property Management
- In New York, a landlord who receives a tenant's notice of vacating must inspect the unit and provide a written statement of any deductions from the security deposit within how many days of the tenant vacating?Property Management
Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
Study This Topic
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →