Closing Statements - Need To Know Flashcards Preview

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Flashcards in Closing Statements - Need To Know Deck (9)
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1
Q

What does TRID stand for?

A

TILA/RESPA Integrated Disclosure

2
Q

What is RESPA?

A

Real Estate Settlement and Procedure Act

3
Q

What is the document called that will replace the existing HUD-1 settlement statement?

A

Closing Disclosure

4
Q

What government agency is responsable for the enforcement of RESPA?

A

The Consumer Financial Protection Bureau - CFPB

5
Q

When does the loan estimate need to be provided to the consumer?

A

No later than three days after loan application.

6
Q

How many days prior to settlement does a buyer need to be given the Closing Disclosure?

A

3 business days prior.

7
Q

What is the purpose of the new disclosures?

A

To provide greater consumer Disclosure on the actual costs and details of their loan.

8
Q

Does RESPA apply to cash transactions?

A

No

9
Q

What would trigger the need to provide a new Closing Disclosure to the consumer and a new 3-day waiting period?

A

Changes to the APR, the addition of a Pre-Payment Penalty, or change of Loan Product.