Finance
Under the federal Truth in Lending Act (TILA/TRID), which disclosure must a lender provide to a borrower within 3 business days of receiving a mortgage loan application?
AHUD-1 Settlement Statement
BLoan Estimate✓ Correct
CClosing Disclosure
DGood Faith Estimate (GFE)
Explanation
TRID (TILA-RESPA Integrated Disclosure) rules require lenders to provide a Loan Estimate within 3 business days of receiving a completed loan application. The Loan Estimate replaced the old Good Faith Estimate (GFE).
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Key Terms to Know
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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