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Revised CDs

A detailed illustration of a closing disclosure document, with elements highlighting redisclosure reasons, alongside a calculator and a couple discussing loan terms at a desk.

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

6 Questions2 MinutesCreated by AnalyzingLoan202

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

List at least 3 reasons we would need to redisclose

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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