Closing And Funding

Question 1

When must a closing disclosure be provided at the latest?

Answer 1

3 bus days before consummation

Question 2

Three categories for CD changes.. they are?

Answer 2

Changes that occur before consummation that require new 3 bus day period, changes that occurs before consummation that do not require 3 days and changes after consummation.

Question 3

What are the 3 changes that happen before consummation that require a waiting period?

Answer 3

1. Disclose APR is inaccurate
2. Loan product Changes
3. Prepayment Penalty added

Question 4

If changes are made after consummation when must the creditor provide the corrected CD?

Answer 4

No later that 30 calendar days. ( Non-numerical clerical errors 60 days)

Question 5

What is a demand feature?

Answer 5

Allows an the lender to require early repayment of the loan (at any time or any reason)

Question 6

What is the latest the owner can rescind a refinance loan?

Answer 6

Midnight 3 business days after the latest of the following occur

• the signing of the loan documents
• delivery of the right to rescind notice or
• delivery of all disclosure

(Only applies to owner occupied)

Question 7

If a person rescinds loan, when must money and property be returned?

Answer 7

20 calendar days

Question 8

If a right to rescission notice is not provided to the borrower or errors on the disclosure. When can a borrower rescind?

Answer 8

3 years after closing.