NMLS Prep #3

How many days are the estimated closing costs on the Loan Estimate valid for?

• 7 Business Days

• 3 Business Days

• 10 Business Days

• 30 Business Days

If a Loan Estimate is changed, when must a revised Loan Estimate be sent to the customer?

• Within 4 business days of the change

• Within 7 business days of the change

• Within 3 days of consumation

• Within 3 business days of the change

How many days prior to loan consummation must the initial Loan Estimate be sent to the customer?

• 7 business days by US mail prior to consummation

• 10 business days by US mail prior to consummation

• 4 business days by US mail prior to consummation

• 3 business days by US mail prior to consummation

If a customer does not express an intent to proceed with a loan transaction, how long is the Loan Estimate valid for?

• 5 business days

• 10 business days

• 30 calendar days

• 10 calendar days

A lender must send the initial Loan Estimate to the customer no later than:

• 7 business days after the application

• No later than when the appraisal is completed

• 3 business days after the application

• 3 business days prior to consummation

If a lender must re-disclose a Loan Estimate for a valid change of circumstance, the lender must send it:

• Within 1 business day of discovering the change

• 3 business days before loan consummation

• At least 7 business days prior to loan consummation

• Within 3 business days of discovering the change

The initial Loan Estimate sent to the customer how many days prior to loan consummation?

• 7 business days

• 3 business days

• 4 business days

• 10 business days

A consumer must receive the Closing Disclosure no later than:

• 4 business days prior to loan consummation

• 3 business days prior to loan consummation

• 7 business days prior to loan consummation

• 3 business days after Initial Loan Estimate is completed

Per TILA, how long must advertising records be retained for?

• 12 months

• 25 months

• 36 months

• 24 months

How long must a lender retain records of the Closing Disclosure?

• 3 years

• 5 years

• 2 years

• 10 years