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TRID Line by Line Refresh – Part 2

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Quiz for TRID Line by Line Part 2

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TRID Line by Line Refresh – Part 2
TRID Line by Line Part 2

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Question 1 of 10

1. Question
1. True or false: The CD’s contact section should list an individual at the bank who has an NMLS ID, even if the borrower also had contact with other staff such as a loan assistant
A. True
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B. False
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Question 2 of 10

2. Question
1. If the creditor prepared a loan estimate for a refinance transaction using the alternate form with no seller, the CD should be prepared using:
A. The “long form” with seller information, but leave the seller section blank
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B. The alternate form with no seller information
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C. Either form is okay to use
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D. None of the above
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Question 3 of 10

3. Question
1. Section A tolerances might include:
A. 0% tolerance
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B. 10% tolerance
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C. Unlimited tolerance
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D. None of the above
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Question 4 of 10

4. Question
1. When calculating tolerances, how should creditors compare the costs disclosed on the LE to the CD?
A. Compare the dollars-and-cents numbers on the CD to the rounded numbers on the LE
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B. Compare the dollars-and-cents on the CD to the dollars-and-cents cost estimates that were then disclosed rounded on the LE
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C. Get new estimates from all service providers to double-check the CD’s accuracy
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D. None of the above
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Question 5 of 10

5. Question
1. How many days prior to closing should the borrower receive the CD?
A. 7 days
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B. 3 days
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C. Zero days
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D. It doesn’t matter
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Question 6 of 10

6. Question
1. True or false: Tolerances may be reset with changes disclosed on a CD, following a change in circumstance
A. True
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B. False
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Question 7 of 10

7. Question
1. True or false: A creditor can issue an LE after the CD has been issued, if circumstances warrant reverting back to an LE
A. True
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B. False
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Question 8 of 10

8. Question
1. If a creditor discovers a non-numerical clerical error on the CD after closing, how many days are permitted for the creditor to reissue a corrected CD to avoid a violation?
A. 3
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B. 7
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C. 30
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D. 60
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Question 9 of 10

9. Question
1. True or false: The signature line on a CD is required
A. True
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B. False
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Question 10 of 10

10. Question
1. How can a lender issue a cure to correct a tolerance violation?
A. Using a general lender credit
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B. Using a specific lender credit
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C. Using a general or a specific lender credit
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D. None of the above
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