Finance
Under TRID (TILA-RESPA Integrated Disclosure), what is the maximum number of days a lender may wait before providing a revised Loan Estimate to a borrower after a 'changed circumstance'?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
After a valid changed circumstance occurs, the lender must provide a revised Loan Estimate to the borrower within 3 business days of receiving information sufficient to establish the changed circumstance.
Related North Carolina Finance Questions
- A borrower in North Carolina has a gross monthly income of $5,500 and monthly debts of $800. What is the maximum monthly housing payment allowed under a 28% front-end DTI ratio?
- The 'debt-to-income ratio' (DTI) used by NC mortgage lenders compares:
- An 'escrow account' (impound account) maintained by a NC mortgage lender collects monthly deposits for:
- A NC borrower who qualifies for a USDA Section 502 loan is most likely purchasing in:
- A 'second mortgage' or 'junior lien' in NC is characterized by:
- A NC 'blanket mortgage' covers:
- NC's Predatory Lending Law (NC General Statutes Chapter 24) provides additional protections beyond federal law for:
- The secondary mortgage market institution 'Fannie Mae' (Federal National Mortgage Association) primarily:
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 →