Finance
The Closing Disclosure under TRID must be provided to the borrower at least:
A1 business day before closing
B3 business days before closing✓ Correct
C5 business days before closing
D10 business days before closing
Explanation
TRID requires the Closing Disclosure to be provided to the borrower at least 3 business days before closing. This allows the borrower time to review final loan terms and closing costs before the closing appointment.
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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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