Loan Disclosures and Retention Requirements

Which of the following fees are prohibited PRIOR to the Loan Estimate?

• Processing fees

• Appraiser fees

• Underwriting fees

• Other fees imposed on the consumer

• All of the above

What is the only fee allowed before providing a Loan Estimate?

• A credit report fee

• An application fee

• An appraisal fee

• A processing fee

How many business days prior to the consummation of the loan must the Loan Closing Disclosure be given to the consumer?

• At least 3 business days

• At least 1 business day

• At least 5 business days

• At least 7 business days

Which of the following loan types does the 3 Business Days rule for Closing Disclosure NOT apply to?

• Manufactured homes not attached to real property

• People who make few than 5 loans per year

• All of the above

• HELOCs

• Reverse Mortgage

A business day is given different meaning for the purpose of delivering the Closing Disclosure than a Loan Estimate.

• True

• False

For a Closing Disclosure, a business day is defined as any calendar day except Sundays and holidays.

• True

• False

For a Loan Estimate, a business day is defined as any business day when offices are open.

• True

• False

How long must the creditor or servicer maintain the Post-Consummation Escrow Cancellation notice and the Post-Consummation Partial Payment Policy disclosure?

(a)  

How long must all other disclosures associated with the Loan Estimate be maintained by the creditor after consummation?

(a)  

How long must the creditor retain copies of the Closing Disclosure after consummation?

• Five years

• One year

• Three months

• Ten years