Finance
Which statement about the Closing Disclosure is TRUE?
AIt must be provided to the borrower at least 5 business days before closing
BIt must be provided to the borrower at least 3 business days before closing✓ Correct
CIt is only required on FHA loans
DIt replaces the HUD-1 Settlement Statement on commercial loans
Explanation
Under TRID, lenders must provide the Closing Disclosure to the borrower at least 3 business days before the loan consummation (closing).
Related North Carolina Finance Questions
- Which federal act requires mortgage lenders to disclose whether they share nonpublic personal information about borrowers with third parties?
- A NC adjustable-rate mortgage has an initial 'teaser rate' period. After the fixed period ends, the rate adjusts based on:
- An 'adjustable-rate mortgage' (ARM) in NC features:
- Private Mortgage Insurance (PMI) is typically required on conventional loans when the LTV exceeds:
- Which type of mortgage allows the borrower to pay only interest during the loan term, with the full principal due at maturity?
- The Federal Reserve's monetary policy decisions affect NC mortgage interest rates primarily because:
- Under the NC Foreclosure Prevention Act, lenders must provide a Notice of Pre-Foreclosure Options to borrowers in default at least how many days before filing for foreclosure?
- An assumable mortgage allows the buyer to:
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 →