hard · National Real Estate Exam financing
Sage Adams, a sales associate, encounters this situation: 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 response is most consistent with national real-estate principles?
- The Loan Estimate is generally due within three business days.
- The Closing Disclosure is always the first cost estimate after application.
- The promissory note replaces all federal cost disclosures.
- The deed is the lender’s early estimate of finance charges.
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