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Question 1 of 3
1. Question
A lender receives a completed mortgage application for a refinance transaction secured by the borrower’s principal residence. During a compliance audit, regulators review whether the lender provided the required early Loan Estimate disclosures within the proper timeframe.
Under the TILA-RESPA Integrated Disclosure rules, when must the initial Loan Estimate generally be provided?
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Question 2 of 3
2. Question
A mortgage loan originator tells a borrower that the TILA-RESPA disclosure requirements apply only to home purchase transactions and not refinances. During a later training session, the compliance manager corrects the statement.
Which transaction types are generally covered by the final TILA-RESPA Integrated Disclosure rule?
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Question 3 of 3
3. Question
A borrower completes a mortgage application for a home-secured closed-end loan. Immediately afterward, the lender attempts to collect several upfront charges before providing the borrower with the Loan Estimate disclosures.
Under TILA-RESPA Integrated Disclosure rules, which statement is correct regarding fee collection before the borrower receives the Loan Estimate?
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