Question 1

Under RESPA, within how many business days must a Loan Estimate be delivered to a borrower after receiving a loan application?

Accepted Answer

The Loan Estimate must be delivered within 3 business days of receiving the loan application.

Question 2

What are the six pieces of information that, when collected together, legally constitute a loan application under TRID?

Accepted Answer

Name, income, Social Security number, property address, estimated property value, and desired loan amount.

Question 3

What is the earliest a borrower may be required to pay non-refundable fees after receiving a Loan Estimate?

Accepted Answer

The borrower may not be charged any fee (except a bona fide credit report fee) until they have received the Loan Estimate and indicated their intent to proceed.

Question 4

Which federal form replaced both the GFE and the initial TIL disclosure under the TRID rule effective in 2015?

Accepted Answer

The Loan Estimate replaced both the Good Faith Estimate (GFE) and the initial Truth-in-Lending (TIL) disclosure.

Question 5

Under the SAFE Act, which document must a loan originator provide to a borrower at the time of application to identify themselves?

Accepted Answer

The loan originator must provide their unique identifier (NMLS number) on all loan application documents and must disclose it upon request.

Loan Origination Process – NMLS SAFE Exam Flashcards

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