Back2Basics: TRID Talk - Terms Worth Disclosing

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Question 1 of 10

1. Question
1. When TRID requires that the loan estimate be sent within 3 business days of receiving the application, “business days” means:
A. Calendar days
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B. Calendar days except Sundays and federal holidays
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C. Weekdays (Monday-Friday)
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D. Any day on which the creditor is open to the public for carrying out substantially all of its business functions
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Question 2 of 10

2. Question
1. The loan estimate must be:
A. In writing
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B. Send within 3 business days of the application
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C. Made based on the best information reasonably available at the time
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D. All of the above
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Question 3 of 10

3. Question
1. After the loan estimate is sent, how soon can the bank send a closing disclosure?
A. The closing disclosure can be sent same day
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B. The bank must wait at least one day
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C. The bank must wait at least three business days
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D. The closing disclosure can be sent the same day as a revised loan estimate only, not the initial loan estimate
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Question 4 of 10

4. Question
1. In order to fall within the scope of TRID, a loan must be:
A. A closed-end consumer loan secured by real property
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B. A closed-end consumer loan secured by a residence
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C. A consumer loan secured by a primary residence
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D. None of the above
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Question 5 of 10

5. Question
1. Which of the following situations would likely qualify as a bona fide personal financial emergency for purposes of waiving the seven business day waiting period required under TRID?
A. The consumer’s lease at a local storage facility renews prior to the closing date and the consumer does not want to pay another month’s rent on the unit
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B. The consumer does not like living at her parents’ house and is anxious to close immediately so she can move
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C. The consumer’s home suffered a catastrophic disaster and the loan will fund work that is immediately necessary to prevent further damage and loss of value on the property
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D. The consumer will be out of town for two weeks starting on the fifth day after the application is submitted and wants the closing to be handled before then.
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Question 6 of 10

6. Question
1. The six pieces of information needed for an application do NOT include:
A. Loan Amount
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B. Property Address
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C. Consumer’s Income
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D. Loan Purpose
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Question 7 of 10

7. Question
1. Which of the following is a zero tolerance item?
A. Recording Fees
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B. Transfer Taxes
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C. Property Insurance Premiums
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D. All of the above
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E. None of the above
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Question 8 of 10

8. Question
1. Which of the following would likely constitute a valid change in circumstance permitting the bank to issue a revised loan estimate?
A. The bank discovers that the appraiser raised its rates last month
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B. Bank staff makes a clerical error leading to a fee being inadvertently left off the loan estimate
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C. After receiving the loan estimate, the borrower notifies the bank that he wants to make a change to the loan product
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D. The bank determines that the property is located in an HOA that will charge a fee related to the transaction
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Question 9 of 10

9. Question
1. A bank may issue a revised loan estimate and reset the tolerances for the transaction if:
A. The revised loan estimate is delivered at least seven business days prior to closing
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B. The bank receives new information specific to the transaction or borrower that was not reasonably available when the loan estimate was issued
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C. The consumer waives the tolerances
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D. The bank determines that the original loan estimate contained an error
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Question 10 of 10

10. Question
1. Lender credits:
A. May never increase from what is disclosed on the loan estimate
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B. May never decrease from what is disclosed on the loan estimate
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C. May only change when there is a valid change in circumstances affecting the amount of the credit
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D. May always increase, but may only decrease when there is a valid change in circumstances affecting the amount of the credit
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