Finance
Vermont's 'good faith estimate' has been replaced by which document under TRID rules?
AThe HUD-1 Settlement Statement
BThe Loan Estimate (provided within 3 business days of application)✓ Correct
CThe Truth-in-Lending disclosure
DThe RESPA information booklet
Explanation
The 2015 TRID (TILA-RESPA Integrated Disclosure) rules replaced the Good Faith Estimate (GFE) and initial TIL disclosure with the Loan Estimate, and replaced the HUD-1 with the Closing Disclosure.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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