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Question 1 of 5

1. Question
What notice must be included in the Loan Estimate/TILA disclosures and corrected Loan Estimate/TILA disclosures?
- A. “You are not required to complete this agreement merely because you have received these disclosures or signed a loan application.”
- B. “You are required to complete this agreement within 3 days of receipt.”
- C. “You may ignore these disclosures if you do not intend to accept the loan.”
- D. “You are not required to complete this agreement merely because you have received these disclosures or signed a loan application.”
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Question 2 of 5

2. Question
Under MDIA, when may the three or seven business day waiting periods be waived by consumers?
- A. If the loan is for refinancing purposes only
- B. If it is a bona fide emergency
- C. If the consumer requests the waiver
- D. If the loan is approved by the underwriter
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Question 3 of 5

3. Question
How is the definition of “business day” revised under the MDIA?
- A. A business day includes all calendar days except Sundays and specified legal public holidays
- B. A business day includes only weekdays, excluding holidays
- C. A business day means all calendar days except Sundays and specified legal public holidays
- D. A business day includes any day that the creditor’s offices are open to the public
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Question 4 of 5

4. Question
Under the final rule, when can a creditor presume that the consumer has received the early mortgage loan disclosure?
- A. Three business days after the disclosure is mailed
- B. Three business days after the loan is approved
- C. Three business days after the mortgage loan is funded
- D. Three business days after the disclosure is mailed
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Question 5 of 5

5. Question
Under the final rule, when can creditors charge fees related to the loan application after sending the early mortgage loan disclosure?
- A. After three business days following mailing of the disclosure
- B. Immediately after the consumer signs the application
- C. After the loan is approved by the underwriter
- D. After the third business day following mailing of the disclosure
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