TRID

Question 1

169. According to TRID – the definition of an Application is described as submission of the following six (6) items:• Borrower name• Borrower monthly income• Borrower social security number for credit report• Property address16 • Estimate of property value• Loan amount•

Answer 1

The acronym for this is ALIENS

Question 2

170. Once an application, as defined, is received, creditors are obligated to issue the Loan Estimate. Creditors may not require additional information or verification before issuing the Loan Estimate.

Question 3

171. The creditor may either hand deliver the disclosures on or before the third business day or put them in the mail on the third business day to comply with the requirements of the Rule.

Question 4

172. If the disclosures are mailed, the consumer is deemed to have received them ____ ____ ____ ___ ___ __ . When counting mailing time, include Monday-Saturday excluding public holidays

Answer 4

them three days after they are mailed

Question 5

173. Seven Day Closing Rule -

Answer 5

The loan may not close for seven days after the disclosures are mailed. For this rule, we do not need to wait the three-day mailing period. In other words, you may start counting the seven days at the earlier of actually delivering the disclosures to the consumer or mailing them

Question 6

174. Collection of Fees - According TRID, a lender or broker may not charge the borrower anything but a reasonable credit report fee until the borrower has received the Loan Estimate and expressed intent to proceed.

Question 7

175. The borrower may communicate intent to proceed orally, in person, upon receiving the disclosures. If the communication comes after the borrower receives the disclosure, it may come verbally over the phone, in writing via email, or through signing a form. Silence on behalf of the borrower may not be used as consent.