Finance
The Closing Disclosure (CD) under TRID must be provided to the borrower at least how many business days before closing?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under TRID, the Closing Disclosure must be provided to the borrower at least three business days before consummation (closing), giving the borrower time to review the final loan terms and closing costs.
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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.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
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