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Question 1
Under RESPA, within how many business days must a Loan Estimate be delivered to a borrower after receiving a loan application?
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?
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?
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?
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?
Answer: The loan originator must provide their unique identifier (NMLS number) on all loan application documents and must disclose it upon request.