TRID Rule Summary Quiz

What was one of the main reasons why the Dodd-Frank Act mandated the integration of mortgage disclosures?

What is the current name for the integrated mortgage disclosure forms, as outlined in the TRID rule?

Which of the following is NOT covered under the scope of the TRID rule?

Under the TRID rule, who is responsible for the accuracy of the Loan Estimate and Closing Disclosure?

What regulation was amended to include the TRID requirements?

What date did the TRID rules become effective?

Which of the following accurately describes the types of transactions that are NOT covered by TRID?

What is the main purpose of the TRID rule, as stated in the provided text?

When are mortgage lenders obligated to provide a free copy of appraisal reports to the borrower?

Which of these disclosures must be given along with the Loan Estimate?

What is the primary purpose of the "Your Home Loan Toolkit" booklet?

Which of these disclosures is related to the escrow account for property taxes and insurance?

Under what circumstances can the 3-day provision requirement for appraisal disclosure be waived?

Under what circumstances is a revised Loan Estimate (LE) required?

What is the minimum time period a lender must provide a revised Loan Estimate before the loan consummation?

Which of the following is NOT a method lenders can use to cure tolerance violations?

When is a Closing Disclosure considered received by the borrower?

What are the requirements for a borrower to modify or waive the three-day waiting period after receiving the Closing Disclosure?

What is the maximum time frame a lender has to provide a corrected Closing Disclosure if changes occur after the initial disclosure is issued?

Which of the following situations does NOT require an additional three-day waiting period before closing after a corrected Closing Disclosure is issued?

In the event of a rescission, when does the three-day right of rescission period begin?

Which page of the Closing Disclosure contains a final accounting of fees and charges, including any changes from the Loan Estimate?

What purpose does the "Summaries of Transactions" section on the Closing Disclosure serve?

What type of information is presented on Page 4 of the Closing Disclosure?

Which of the following is NOT presented on Page 5 of the Closing Disclosure?

Why does the Closing Disclosure contain final disclosures of loan terms and total closing costs?

What is the primary difference between the Closing Disclosure for a purchase transaction and the one for a refinance transaction?

What is the significance of the Tolerance Limits being reset when a revised Closing Disclosure is issued?

Which of the following is NOT a category of loan costs?

What is the definition of a 'business day' for the purposes of providing a Closing Disclosure?

When does 'loan consummation' typically occur?

What is a 'Lender credit'?

What does 'intent to proceed' mean in the context of TRID?

What is the purpose of the 'Cash to Close' calculation?

Which of the following can be considered a 'changed circumstance' for the purposes of providing a revised Loan Estimate or Closing Disclosure?

What is the purpose of the Loan Estimate (LE)?

Which of the following details is NOT typically included in Page 3 of the Loan Estimate?

The TRID rule requires the use of two Integrated Disclosures. What are they?

When is the lender required to deliver or mail the Loan Estimate to the consumer?

What is the 'Settlement Service Providers list'?

What are the six pieces of information required by RESPA for an application to be considered 'made'?

What is the 'good faith' requirement for the Loan Estimate?

What is the 'Zero Tolerance' category for fee variances?

What is the purpose of the Loan Estimate form?

In certain situations, mortgage brokers may provide a Loan Estimate. However, who is ultimately responsible for any errors or defects?

Under what circumstances does the lender not have to provide a Loan Estimate?

Which of the following is an example of a 'No Tolerance' category for fee variances?

What is the typical waiting period before loan consummation after the borrower receives the Loan Estimate?

When is a revised Loan Estimate required?

What conditions must be met for the borrower to modify or waive the seven-business-day waiting period?

Which of the following is NOT considered a valid 'change of circumstances' that would require a revised Loan Estimate?

What is a 'yield spread premium'?

What information is typically included on Page 1 of the Loan Estimate form?

What is the relationship between TRID and RESPA?

What is the difference between 'Lender-required' and 'Lender-selected' services?

What is the purpose of the Loan Estimate (LE) disclosure?

What is the difference between APR and TIP?

In regard to settlement services, what is a lender's responsibility if the borrower chooses a provider not on the lender's list?

Why is it important for lenders to act in good faith and exercise due diligence when completing the Loan Estimate?