TRID Flashcards
According to TRID – the definition of an Application is described as submission of the following 6 items:
- Property address
- Loan amount
- Borrower monthly income
- Estimate of property value
- Borrower name
- Borrower social security number for credit report
Once an Application, as defined, is received, creditors are obligated to issue the _____________ and may not require additional information or verification before it is issued.
Loan Estimate
The creditor may either _________ the disclosures on or before the third business day or ______________ on the third business day in order to comply with the requirements of the Rule.
hand deliver / put them in the mail
If the disclosures are mailed, the consumer is deemed to have received them _________ after they are mailed.
three days
According to TRID, when counting mailing time, include __________________ excluding ____________.
Monday-Saturday / public holidays
According to TRID, the loan may not close for _______ after the disclosures are mailed.
seven business days
According to TRID’s Seven Day Closing Rule you may start counting the seven days at the earlier of actually _________ the disclosures to the consumer or ________ them.
delivering / mailing
According TRID, a lender or broker may not charge the borrower anything but a reasonable ___________ until the borrower has received the __________ and expressed intent to _________.
credit report fee / Loan Estimate / proceed
The borrower may communicate intent to proceed ______, ________, upon receiving the disclosures. If the communication comes after the borrower receives the disclosure, it may come verbally __________, in writing via _______, or through _____________. Silence on behalf of the borrower may not be used as consent.
orally / in person / over the phone / email / signing a form
