Sec 1-Page 59

A married couple is purchasing a home using a RESPA-covered mortgage loan. Two days before closing, the borrowers ask the lender to waive the required waiting period because a sudden medical emergency requires them to relocate immediately.

Under the final TILA-RESPA disclosure rules, which statement correctly describes when a waiting period may be waived?

During compliance training, a mortgage processor asks how “business day” is defined for purposes of determining when consumers are considered to have received early mortgage loan disclosures.

Which statement correctly reflects the revised definition of “business day” under the final rule?

A creditor places the early mortgage loan disclosure in the mail to a borrower on Monday afternoon. There are no intervening legal public holidays. During a later compliance review, regulators ask when the creditor may presume the borrower received the disclosure.

Under the final rule, when may the creditor presume the consumer received the disclosure?

A lender mails early mortgage loan disclosures to a borrower on Monday. No legal public holidays occur during the following week. The lender wants to know when appraisal, rate-lock, and other application fees may be imposed under the final disclosure rules.

Under the final rule, when may the creditor begin charging these additional fees?