If the amounts paid by the borrower at closing exceed what was disclosed in the final Closing Disclosure, the lender must issue a refund and send a corrected Closing Disclosure within __________ of consummation.
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The correct answer is...
60 days
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There is __________ for change in certain charges such as lender fees or charges from third parties that the borrower is required to use, meaning the final amount charged at closing must be exactly what was disclosed on the Loan Estimate.
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The correct answer is...
zero tolerance
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Other charges, like fees for services the borrower chooses from a lender-recommended list fall under a 10% cumulative tolerance, this means the total sum of these fees cannot exceed the __________ by more than 10%.
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The correct answer is...
Loan Estimate
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3.5.9 Flashcard Review
Amanda Ukasick
Created on September 12, 2025
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Transcript
If the amounts paid by the borrower at closing exceed what was disclosed in the final Closing Disclosure, the lender must issue a refund and send a corrected Closing Disclosure within __________ of consummation.
Flip flashcard to reveal answer
The correct answer is...
60 days
Next card
Go Back
There is __________ for change in certain charges such as lender fees or charges from third parties that the borrower is required to use, meaning the final amount charged at closing must be exactly what was disclosed on the Loan Estimate.
Flip flashcard to reveal answer
Go Back
The correct answer is...
zero tolerance
Go Back
Next card
Other charges, like fees for services the borrower chooses from a lender-recommended list fall under a 10% cumulative tolerance, this means the total sum of these fees cannot exceed the __________ by more than 10%.
Flip flashcard to reveal answer
Go Back
The correct answer is...
Loan Estimate
Go Back