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14 Cards in this Set
- Front
- Back
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WHAT DOES THE T IN TRID STAND FOR ? |
TRUTH IN LENDING |
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WHAT DOES THE R IN TRID STAND FOR? |
REAL ESTATE SETTLEMENT PROCEDURES ACT |
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WHAT DOES THE I IN TRID STAND FOR? |
INTEGRATED |
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WHAT DOES THE D IN TRID STAND FOR? |
DISCLOSURE |
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WHAT DOCUMENT MUST ACCOMPANY THE PURCHASE CONTRACT OFFER 100% OF THE TIME? |
PRE-QUALIFICATION FORM |
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HOW MANY DAYS DOES THE BUYER HAVE TO REVIEW THE LOAN ESTIMATE (LE) BEFORE THEY MUST ISSUE THE LENDER A NOTICE OF INTENT TO PROCEED? |
10 DAYS |
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WHAT IS THE NAME OF THE AGENCY THAT OVERSEES COMPLIANCE WITH THE CHANGES TO THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2010? |
CONSUMER FINANCIAL PROTECTION BUREAU |
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HOW MANY BUSINESS DAYS PRIOR TO SIGNING THE LOAN DOCUMENTS OR CLOSING MUST THE BUYER RECEIVE THE CLOSING DISCLOSURE (CD)? |
3 BUSINESS DAYS |
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WHAT SIX PIECES OF INFORMATION MUST THE BUYER SUBMITS TO THE LENDER TO RECEIVE THE LOAN ESTIMATES (LE)? |
THEIR NAME, SS#, INCOME, ADDRESS OF HOME WANT TO BUY, ESTIMATE OF THE VALUE OF THE HOME THEY WANT TO BUY AND ESTIMATE OF THE LOAN AMOUNT. |
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NAME THE 5 TYPES (PRVCT) OF PURCHASE LOANS WHICH ARE COVERED UNDER TRID? |
PRVCT = PURCHASE MONEY - REGULAR HOME PURCHASE, REFINANCE, VACANT LAND, CONSTRUCTION LOANS, TIMESHARES |
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PURCHASE LOANS WHICH ARE COVERED UNDER TRID ARE REFERRED TO AS WHAT TYPE OF TRANSACTIONS? |
THEY ARE CONSIDERED CLOSED LOANS BECAUSE THEY ARE FOR A SPECIFIED AMOUNT, TIME AND PROPERTY. |
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WHAT THREE CHANGES REQUIRE A NEW THREE BUSINESS DAYS REVIEW PERIOD OF THE CLOSING DISCLOSURE? |
1) APR INCREASE DUE TO ADDITIONAL COST TO GET LOAN 2) PREPAYMENT PENALTY IS ADDED (NOTE: THIS IS NOT ALLOWED ON FHA OR VA LOANS) 3) BASIC LOAN PRODUCT CHANGES, EX: FIXED RATE CHANGES TO AN INTEREST ONLY LOAN |
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WHAT IS THE MAIN GOAL OF THE TRID CHANGES? |
TO PROVIDE THE CONSUMER EASY TO UNDERSTAND INFORMATION, IN A TIMELY MANNER, IN ORDER THAT THE CONSUMER CAN MAKE AN INFORMED BUYING DECISION. |
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WHAT ARE THE FOUR TRANSACTIONS NOT COVERED BY TRID? |
REVERSE MORTGAGE, HELOCS, CHATTEL-DWELLING/MOBILE HOME ONLY LOANS, LOANS OFFERED BY CREDITORS WHO ORIGINATE LESS THAN 5 LOANS IN A CALENDAR YEAR; I.E. SELLER FINANCING |
