medium · National Real Estate Exam financing
At a brokerage training meeting, Harper Adams evaluates this fact pattern: A consumer applies for a covered closed-end mortgage and asks which disclosure is designed to summarize estimated loan terms and closing costs early in the process.
Which conclusion is most accurate?
- The Closing Disclosure is always the first cost estimate after application.
- The deed is the lender’s early estimate of finance charges.
- The Loan Estimate is generally due within three business days.
- The promissory note replaces all federal cost disclosures.
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