closing disclosure review

under TRID rules, after receiving the loan estimate, in order to receive the terms offered by the creditor, the applicant must notify the creditor of his/her intent to proceed with the loan process within

10 business days

if the creditor or servicer, not the consumer, initiated the cancellation of the escrow account, the escrow closing notice must be delivered to the consumer by the creditor no later than

30 business days before the account closes

the closing disclosure integrates, simplifies, and replaces the ____

HUD-1 settlement statement and the final truth in lending disclosure

in terms of delivery time frames for the closing disclosure, a business day excludes

Sundays and legal holidays

if a creditor has not provided the loan estimate and has not been advised by the applicant that he/she intends to proceed with the transaction, the creditor may not impose any fee except

a credit report fee

violating the georgia RMFA is

a felony

when completing the closing disclosure, the creditor could list all of the following items on the sale price of any personal property included in the sale except

a manufactured home

according to the RICO statue, persons found guilty of racketeering may be subjected to any of the following penalties except

a revocation of real estate license

which of the following is a mandatory item that the creditor must include on the escrow closing notice

a statement indicating the date the escrow account will close and the reason for it

if the loans interest rate may increase after consummation, which table must the credit use on the closing dislclosure to disclose this information

adjustable interest rate (AIR) table

if the loans periodic principal and interest payment may change after consummation or if the loan is a seasonal payment product, which table must the creditor use on the closing disclosure to disclose this information

adjustable payment (AP) table

the contact information section of page 5 of the closing disclosure should include information on

all answers shown the lender (Creditor) the settlement agent the buyers and sellers real estate brokers

an escrow account analysis is the accounting that a servicer conducts in the form of a trial running balance for an escrow account to determine

all of answers shown -approthe math amoutpriate target balances -whether shortages, surplus, or deficiencies exist in the account -the amount of the borrowers monthly payments, based on costs for the account.

the loan disclosure may be provided to the consumer in which of the following formats

all of the answer shown -electronically -delivery in person -email

general credits made to the consumer by the seller are listed under sellers credits on the closing disclosure and may include

all the answers shown -issues discovered on the buyers walkthrough of the property a credit provided by a builder for the purchase of new construction a general credit for closing costs

for refinance transactions, which closing costs table should be used on the closing disclosure

alternative costs at closing table

which of the following sections of the loan calculations section of the closing disclosure may not be included on all variations of the form

appraisal

compensation paid by the borrower directly to a third party loan originator must be designate in the loan costs table as

borrower paid

persons found guilty of violating the Georgia RMFA on multiple occurrences can be penalized by

both fines and imprisonment

which of the following changes can a creditor make to a closing disclosure that will not require a new three day waiting period before consummation

clerical errors and typos found at the closing table

acceding to the TRID rule, the escrow closing notice must be delivered to the borrower of which of the following types of loans

closed end Consumer credit transaction secured by a first lien on real property or a dwelling

with the implementing of TRID, the requirement to provide a mortgage transfer notice when ownership or servicing of a mortgage loan is transferred to another person applies to

closed end consumer credit transaction secured by real property

which of the following documents must a creditor maintain a copy of for five years after loan consummation

closing disclosure

creditors are required to provide consumers with the special information booklet in which of the following transactions

consumer credit transaction secured by real property

in which section of the closing disclosure would the creditor fill in the date that proceeds from a refinance transaction (cash from equity) are paid to satisfy outstanding debt to a third party

disbursement date

rent collected in advance and which covers a period of time subsequent to the consummation date of the transaction must be noted on the closing disclosure under

due from seller at closing

in a rescindable transaction like a refinance, the closing discourse must be provided to

each party who has the right to rescind

for transactions not subject to the real estate settlement procedures act (RESPA), the creditor may determine estimated escrow payments by

either answer shown conducting an escrow account analysis the method set fourth in the TRID rule

which fo the following officials are authorized to conduct the criminal investigation and prosecution of residential mortgage fraud cases that are aplicable to the law

either answer shown the district attorneys of the state and the attorney general of the state

for transactions not subject to the real estate settlement procedures act (RESPA) the creditor may determine estimated escrow payments by

either of the answers shown -conducting an escrow account analysis -the method set fourth in the TRID rule

if a loan transaction is subject to the real estate settlement procedures act (RESPA) the estimated escrow payments to be disclosed on the closing disclosure must be calculated based on an

escrow account analysis

if a loan transaction is subject to the real estate settlement procedures act (RESPA), the estimated escrow payments to be disclosed on the closing disclosure must be calculated based on an

escrow account analysis

the partial payment policy disclosure required under the TILA-RESPA may be provided to the borrower as a seperate document

false

the terms "closing" and "consummation" have the same meaning when used in relation to a consumer credit transaction secured by a dwelling or real property

false

the RMFA considers all of the following activities as mortgage fraud, if knowingly performed during the mortgage lending process, except

filing deeds with the county registrar

persons found guilty of violating the Georgia RMFA for the first occurrence can be sentenced to imprisonment of

from one to 10 years

in response to the increasing number of reported mortgage fraud cases in the state, Georgia legislature passed the

georgia residential mortgage fraud act

supporting personal documentation that the RMFa considers in its definition of documents involved in the mortgage lending process include all of the following except

good faith estimate

to be considered a violation of the georgia RMFA, the subject activity must have been committed

in the county in which the activity was performed

if the creditor does not provide a signature line in the confirm receipt section on the closing disclosure, the creditor must

include the confirm receipt acknowledgement in other disclosures section

the RMFA considers all of the following as valid examples of documents involved in the morgage lending process except

inspection reports

the closing disclosure must be provided to the loan applicant by the creditor no later than three business days prior to the

loan consummation date

in a timeshare transaction, the creditor is not required to provide the applicant with a

loan estimate

the closing disclosure must be in writing and follow the same sequential order as the

loan estimate

the information in the loan information table mirrors that in the

loan estimate

which of the following disclosure documents must a creditor maintain a copy of for three years after loan consummation

loan estimate

prior to delivery of the loan estimate to a consumer, a creditor ___ provide a loan applicant with a written estimate, specific to the applicant, setting out the costs and terms of the loan product being discussed

may

the Georgia residential mortgage fraud act became effective

may 5, 2005

an average charge program ____ be used to increase the cost of settlement services to consumers

may not

prior to devilry of the loan estimate to a consumer, a creditor _____ require the consumer to submit backup or additional documentation for information contained in the loan application

may not

in the closing information section of the closing disclosure, the date in the closing date blank

may or not be the same as the consummation date, depending on state laws

in the closing information section of the closing disclosure, the date in the closing date, blank

may or not may be the same as the consummation date, depending on state laws.

the georgia racketeer influenced and corrupt organization act (RICO) was amended by the RMFA to include

mortgage fraud as a racketeering violation

the RMFA provides that a person is committing mortgage fraud if he/she is: knowingly using or facilitating the use of any deliberate misstatement, misrepresntion, or omission knowing the same to contain a misstatement, misrepresentation, or omission during the mortgage lending process with the intention that it be relied on by a

mortgage lender, borrower, or any party to the process

according to the RMFA, the process through which a person seeks or obtains a residential mortgage loan including, but not limited to, solicitation, application or origination, negotiation of terms, third party provider services, underwriting, singing, and closing, and funding of the loan is called the

mortgage lending process

because bender lenders is owned by a national brokerage, it is permitted to average charge home inspection fees based on the average amount charged by all of the brokers affiliated with it. according to the TRID rule, this is

not acceptable

persons found guilty of violating the Georgia RMFA for the first occurrence can be sentenced to pay a fine

of upto $5,000

how should prorated property taxes paid for in advance by the seller be noted on the closing disclosure

on the borrowers transaction table under adjustments for items paid by seller in advance

the RMFA refers to a pattern of mortgage fraud to include ____ misstatements , misrepresentations, or omissions made during the mortgage lending process

one or more

the RMFA's definition of mortgage loan applies to which of the following types of real property

one to four family residential dwelling

an escrow account used to pay for property costs, such as property taxes and homeowners insurance is

optional, at the discretion of the lender

charges that were not required to be disclosed on the loan estimate, such as real estate brokerage fees, homeowner's association fees paid at consummation, home warranty fees and inspection fees, are listed in which section of the closing disclosures other costs table

other

some lenders may charge a fee to borrowers who decline to have an escrow account. where will the creditor indicate this fee on the closing disclosure

page 4. escrow account section, no escrow table

under the calculation section in the sellers transaction column, the total due to seller at closing, plus the total due from seller at closing should be totaled and listed in the box at the bottom of the table. if the to seller box is checked, this total number should be expressed as an

positive number

which table on the closing disclosure discloses how each payment is allocated between pricipal and interest, mortgage insurance, and escrow deposits

projected payments

which table on the closing disclosure discloses how each payment is allocated between principal and interest, mortgage insurance and escrow deposits

projected payments

in the escrow account, section on page 4 of the closing disclosure, the in the future section contains language advising the consumer that

property costs and escrow payments may change

in the discussion scenario, bender may remedy the overage charged for appraisal fees under its average charge program by

refunding excess fees paid by consumers on a pro data basis

in general, the mortgage loan may not be consummate less than three business days after the borrower has received the closing disclosure. unless the borrower has a bona fide personal financial emergency, if settlement is scheduling during that time, the creditor must

reschedule the closing

when the amount in the total closing cost final column on the closing disclosure is different from the amount on the loan estimate column and the difference exceeds the tolerances allowed by law , what should the creditor indicate that the consumer would do

see lender credits on page 2 of the closing disclosure for a refund

when the amount in the total closing costs final column (for itemized charges) is different from the amount in the loan estimate column on the closing disclosure, what should the creditor indicate that the consumer should do

see total loan costs on page 2 of the closing disclosure

according to the sample closing disclosure, the pest inspection fee and fees related to the title are included in the

services borrower did shop for

in the settlement agent blank, the creditor must list the name of the

settlement agent entity

according to the sample closing disclosure, all of the following are items that might be included in the services borrower did not shop for table except

survey fee

recording fees and transfer taxes are examples of items included in which section of the closing disclosures other costs table

taxes and other government fees

the applicants signature of the closing disclosure, in the confirm receipt section, signifies

the applicant received the form

if an escrow account is declined by the borrower, who is responsible for paying property costs (such as property taxes and homeowners insurance ) associated with the property

the borrower

if a loan originator is paid his/her fee by the creditor , this fee is included on

the closing disclosure only

each of the following is a method by which a consumer may indicate to the creditor he/her intention to proceed with the mortgage loan transaction except

the consumer/s failure to indicate he/she does not wish to proceed

who is ultimately responsible for compliance with the TRID rule with regards to delivery of the closing disclosure

the creditor

according to the TRID rule, who Amy complete the closing disclosure

the creditor or the settlement agent

a fee related to a mortgage lending transaction is considered imposed if

the creditor requires the consumer to provide a method of payment, even if payment is not made at the time.

the settlement agent is responsible for ensuring that the seller is provided with a copy of the closing disclosure no later than

the date on consummation

in a timeshare transaction, the closing disclosure must be provided to the applicant no later than

the day of consummation

if multiple lenders are involved in the transaction, which lenders name must be listed in the transaction information section of the form

the name of the creditor completing the closing disclosure

according to the provisions of the TRID rule, the escrow closing notice must be provided by the creditor or servicer to the borrower of TRID applicable mortgage loans no later than

three business days prior to cancellation of the account

if an appraisal is performed in connection with a loan subject to the TRID rule, the creditor must provide copy of it to the consumer, at no charge to him/her no later than

three days prior to consummation

the costs at closing table discloses

total closing costs and estimated cash to close

the RMFA refers to a pattern of mortgage fraud, in the mortgage lending process involve ____ residentiall properties with similar intents

two or more

because it is specific as to the type and size of loan covered by its average charge program, bender lender is also permitted to average charge the initial escrow deposit for hazard insurance premiums that are to be paid out of an escrow account. according to the TRID rule, this is

unacceptable

when is it acceptable for a creditor to include an "average charge" for settlement services on a closing disclosure

when the charge is no more than the average amount paid by all consumers and sellers

according to TRID, a person applying for an open-end, home equity line of credit (HELOC) must be provided by the creditor with

when your home is on the line, what you should know about home equity lines of credit

creditor must use the special information booklet in the format designed by the consumer financial protection bureau (CFPB)

with limited changes