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Question 1 of 6

1. Question
CLOSING DISCLOSURE REQUIREMENTS

A creditor is preparing to close a residential mortgage loan that required a Loan Estimate earlier in the application process.

What final disclosure must generally be provided before consummation?
- A) A revised Loan Estimate only
- B) A HUD-1 Settlement Statement without additional disclosures
- C) A Closing Disclosure reflecting the actual terms of the transaction
- D) A Truth-in-Lending disclosure prepared after consummation
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Question 2 of 6

2. Question
CLOSING DISCLOSURE REQUIREMENTS

A creditor wants to ensure compliance with federal timing rules for delivering the Closing Disclosure.

When must the consumer generally receive the Closing Disclosure?
- A) No later than three business days before consummation
- B) At consummation only
- C) Within seven business days after application
- D) Only after the settlement agent approves the file
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Question 3 of 6

3. Question
CLOSING DISCLOSURE DELIVERY REQUIREMENTS

Which method may creditors use to ensure delivery of the Closing Disclosure to the consumer?
- A) Creditors may deliver the Closing Disclosure only in person
- B) Creditors may provide the Closing Disclosure in person, by mail, or electronically
- C) Delivery is permitted only through the settlement agent
- D) Federal law prohibits electronic delivery of the Closing Disclosure
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Question 4 of 6

4. Question
CLOSING DISCLOSURE DELIVERY REQUIREMENTS

Why must creditors ensure the consumer receives the Closing Disclosure at least three business days before consummation?
- A) To allow secondary market approval of the loan
- B) To provide time for title insurance underwriting
- C) To satisfy state recording requirements
- D) Federal law requires the consumer to receive the Closing Disclosure at least three business days before consummation
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Question 5 of 6

5. Question
CLOSING DISCLOSURE REQUIREMENTS

A creditor is preparing the Closing Disclosure but does not yet have exact figures for one settlement charge.

How may the creditor handle the disclosure?
- A) The creditor must delay consummation until all figures are final
- B) The creditor may omit the charge entirely from the disclosure
- C) The creditor may estimate the charge using the best information reasonably available while acting in good faith and using due diligence
- D) The creditor may use any estimated figure without documentation
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Question 6 of 6

6. Question
CLOSING DISCLOSURE REQUIREMENTS

A creditor relies on information provided by a settlement agent while preparing the Closing Disclosure.

Under federal rules, when must corrected disclosures containing the actual transaction terms generally be provided?
- A) At or before consummation
- B) Within thirty calendar days after closing
- C) Only if requested by the borrower
- D) After the first mortgage payment is received
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