stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
05 TRID & Mavent Compliance Flashcards | StudBud
Explore
/
05 TRID & Mavent Compliance
05 TRID & Mavent Compliance
11 terms
·
StudBud Administration
·
36 plays
Truth in Lending Integrated Disclosures
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
All Mavent Error(s) must be resolved to generate a disclosure package?
True
False
2
Delivery Business Days are Mon - Fri
False
True
3
TRID's campaign name was known as___?
Good Faith Estimate (GFE)
Know Before You Owe (KBYO)
Truth In Lending ACT (TILA)
Full Transparency Docs (FTD)
4
What fees have a 0% tolerance threshold?
All of the answers are 0% fees
Prepaid charges and escrows
Fees payable to the lender
Government Recording Fees
5
Receipt Business Days are Mon - Sat
True
False
6
When the Mavent Report has a FAIL, ALERT, or ERROR it will not return a disclosure package PDF icon?
False
True
7
The Dodd-Frank Act directed which agency to implement TRID disclosures?
ABCDE
CFPB
CFBP
APBE
8
TRID was created to make it easier for borrower(s) to ______?
Review final loan terms prior to closing/signing loan docs
Understand their mortgage terms
All of these answers are correct
Shop for loans easily
9
The Closing Disclosure must be received by the borrower within___ prior to closing?
3 Calendar days
7 Business Days
7 calendar days prior to closing
3 Business Days
10
Caliber uses Mavent to perform loan level compliance checks to ensure each loan complies with
Federal regulatory compliance only
State compliance requirements only
Federal and State regulatory compliance requirements
Automated Underwriting System (AUS)
11
Fees may not be imposed on borrowers until what two things are collected?
Loan Estimate & Intent to Proceed with the loan
1003 Loan App & Credit Report
Closing Disclosure & Appraisal Waiver
Fee Sheet & Tax Bill