TILA RESPA Integrated Disclosures

Question 1

169. According to TRID – the definition of an Application is described as submission of the following six (6) items:

Answer 1

Borrower Name, Borrower Monthly Income, Borrower Social Security number for Credit Report, Property Address, Estimate of Property Value, & Loan Amount

Question 2

170. Once an application, as defined, is received, creditors are obligated to issue the ____________. Creditors may not require additional information or verification before issuing the Loan Estimate.

Answer 2

Loan Estimate

Question 3

171. The creditor may either hand deliver the disclosures on or before the third business day or _________________________ to comply with the requirements of the Rule.

Answer 3

put them in the mail on the third business day

Question 4

172. If the disclosures are mailed, the consumer is deemed to have received them _______ after they are mailed. When counting mailing time, include Monday-Saturday excluding public holidays.

Answer 4

three days

Question 5

173. ________________ - The loan may not close for seven days after the disclosures are mailed. For this rule, we do not need to wait the three-day mailing period. In other words, you may start counting the seven days at the earlier of actually delivering the disclosures to the consumer or mailing them

Answer 5

Seven Day Closing Rule

Question 6

174. Collection of Fees - According TRID, a lender or broker may not charge the borrower anything but a reasonable ___________ until the borrower has received the Loan Estimate and expressed intent to proceed.

Answer 6

credit report fee

Question 7

174. Collection of Fees - According TRID, a lender or broker may not charge the borrower anything but a reasonable credit report fee until the borrower has received the ____________ and expressed ____________.

Answer 7

Loan Estimate, intent to proceed

Question 8

175. The borrower may communicate intent to proceed orally, in person, upon receiving the disclosures. If the communication comes after the borrower receives the disclosure, it may come _______________________________. Silence on behalf of the borrower may not be used as consent.

Answer 8

verbally over the phone, in writing via email, or through signing a form