Revised CDs
Redisclosing Closing Disclosures Quiz
Test your knowledge on redisclosing closing disclosures with our engaging quiz! This quiz will challenge your understanding of key concepts and practices in the field.
Key Topics Covered:
- Reasons for redisclosure
- Understanding marital status in loan documents
- Conditions for revised closing disclosures
Which of the following are reasons to redisclose? Check all that apply.
Increase in the loan amount
Title company and fees changed
Adding a spouse to the closing disclosure
All of the above
None of the above
Borrower is now bringing cash to close
Jason and Trina are married. Trina is not vested on title and they live in a spousal state. She is not on the closing disclosure. What is everything that needs to be done?
The payoff only lists John, but the credit report lists the loan as a joint loan. There is no one else listed in Encompass and John is listed as married. You do not have title in to verify. What do you need to condition for?
A copy of the note
Verify marital status
Both of the above
None of the above
If we get a request to lower the rate, would we need to request a revised CD?
Yes
No
If the borrower brings in more cash to close than their new payment, we need 2 months of bank statements to review. True or false?
True
False
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