73 A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate? A) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided B) Regulation 2 does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower. C) Provide an estimate with the following in 12- point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate.* D) I Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
73 A customer wants an estimate of closing costs for the purchase of a $300,000 property with a 20% down payment. Although she has provided the other five pieces of information, a loan application, per Regulation X, has not been triggered because she has not yet found a property to purchase. Which of the following responses best describes what should be done, if anything, according to Regulation Z when a written cost estimate is given prior to a Loan Estimate? A) Use a fictitious address in order to trigger a loan application so that a Loan Estimate can be provided B) Regulation 2 does not allow a creditor to provide any estimate of costs until a complete loan application has been made by the borrower. C) Provide an estimate with the following in 12- point font: "This is not an Official Consumer Financial Protection Board (CFPB) Loan Estimate.* D) I Provide an estimate with the words: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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