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Question 47/53
Which of the following statements defines the term "business day" in a mortgage rescission under the Truth in Lending Act (TILA)?
Correct Answer: B
Under the Truth in Lending Act (TILA), for mortgage rescission purposes, a business day is defined as every day except Sunday and legal holidays. This definition applies to the three-business-day right of rescission period, during which a borrower can cancel certain refinance or home equity transactions.
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights
* The right of rescission allows the borrower three business days after signing the loan documents to cancel the loan without penalty.
References:
* Truth in Lending Act (TILA), 12 CFR §1026.2(a)(6)
* CFPB Guidelines on rescission rights
- Question List (53q)
- Question 1: Consumer complaints and the analysis of complaints play a vi...
- Question 2: A mortgage loan originator (MLO) is in the process of taking...
- Question 3: The Equal Credit Opportunity Act (ECOA) defines the term "el...
- Question 4: Which of the following is an example of a non-fluctuating in...
- Question 5: A borrower works at Company XYZ and was recently approved fo...
- Question 6: Which of the following documents is a real estate conveyance...
- Question 7: Upon becoming employed by a state-licensed mortgage company,...
- Question 8: Which of the following fees or charges is an allowable closi...
- Question 9: How often must a nonexempt telemarketing entity check their ...
- Question 10: A lender is permitted to accept the employment information p...
- Question 11: A real estate broker overhears her buyer discussing what she...
- Question 12: Under the TILA-RESPA Integrated Disclosure rule (TRID), what...
- Question 13: A mortgage loan originator (MLO) originates a 5/1 ARM where ...
- Question 14: Which of the following statements describes an advantage of ...
- Question 15: Which of the following federal laws requires disclosures int...
- Question 16: Which of the following components of an ARM adjusts periodic...
- Question 17: A borrower who knowingly makes false statements on a federal...
- Question 18: According to the SAFE Act, which of the following activities...
- Question 19: Prepaid charges include which of the following items?...
- Question 20: The debt-to-income analysis should assess a borrower's total...
- Question 21: What is the maximum APR that will qualify as a Safe Harbor q...
- Question 22: Which of the following sources of funds is acceptable to uti...
- Question 23: A second (subordinate) mortgage loan includes:...
- Question 24: Which of the following items may lenders use to verify a bor...
- Question 25: How many continuing education hours must mortgage loan origi...
- Question 26: Which of the following is an origination fee?...
- Question 27: An appraiser agrees to give a mortgage loan originator (MLO)...
- Question 28: The SAFE Act prohibits individuals from engaging in the busi...
- Question 29: Which of the following entities is the primary regulatory au...
- Question 30: Which of the following loans is subject to right of rescissi...
- Question 31: How many days after loan consummation does a lender have to ...
- Question 32: Interest-only mortgages are considered high risk compared to...
- Question 33: If a mortgage loan includes a prepayment penalty, it must be...
- Question 34: In a federally related mortgage loan transaction, a charge f...
- Question 35: A borrower's monthly debt-to-income ratio is calculated by t...
- Question 36: Which of the following loan types is regulated by the Home O...
- Question 37: According to the TILA-RESPA Integrated Disclosure rule (TRID...
- Question 38: A creditor receives an application with all the required pie...
- Question 39: Which of the following acts provides a state licensing and r...
- Question 40: Which of the following items is a liquid asset?...
- Question 41: Which of the following activities is a function of the Consu...
- Question 42: For an FHA loan, which of the following payments must a borr...
- Question 43: Which of the following responses describes the required amou...
- Question 44: A licensed mortgage loan originator (MLO) sharing his commis...
- Question 45: Which of the following actions should a mortgage loan origin...
- Question 46: The loan-to-value ratio for an FHA loan is calculated by div...
- Question 47: Which of the following statements defines the term "business...
- Question 48: Which of the following entities has the primary enforcement ...
- Question 49: A mortgage loan in which a large portion of the borrowed pri...
- Question 50: Which of the following fees is a finance charge?...
- Question 51: According to the Truth in Lending Act (TILA), the term "fina...
- Question 52: Which of the following responses describes the main purpose ...
- Question 53: According to the Truth in Lending Act (TILA), which of the f...
