Finance
A NC lender must provide the Closing Disclosure how many business days before the loan consummation date?
A1 business day
B2 business days
C3 business days✓ Correct
D5 business days
Explanation
Under the TRID rule (TILA-RESPA Integrated Disclosure), the lender must ensure the borrower receives the Closing Disclosure at least 3 business days before consummation of the loan.
Related North Carolina Finance Questions
- A 'loan-to-value ratio' (LTV) of 80% on a $300,000 North Carolina property means the loan amount is:
- A VA loan in North Carolina is available to eligible veterans and offers:
- An adjustable-rate mortgage (ARM) in North Carolina typically has an initial rate that is:
- Pre-payment penalties on mortgages in North Carolina:
- A 'reverse mortgage' in North Carolina is available to homeowners who are:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A NC 'swing loan' (bridge loan) is used when a buyer needs to purchase before their current home sells. The risk of this financing strategy is:
- When a NC lender 'calls' a loan (demands immediate full payment), it is exercising a(n):
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →