Answered

85. Which of the following documents created by the CFPB (Consumer Financial Protection Bureau) is designed to provide consumers with disclosures to help them better understand the key features, costs, and risks of mortgage loans, including the APR, and is to be provided to loan applicants within 3 days of the loan application?

A. Closing balance sheet
B. Good Faith Estimate (GFE)
C. Consumer Handbook
D. Loan Estimate



Answer :

GinnyAnswer

Final answer:

The Loan Estimate is a document created by the CFPB to provide consumers with key information about mortgage loans within 3 days of application.


Explanation:

Loan Estimate is the document created by the Consumer Financial Protection Bureau (CFPB) that is designed to provide consumers with disclosures about mortgage loans, including key features, costs, and risks. This document, including the Annual Percentage Rate (APR), is to be provided to loan applicants within 3 days of loan application.


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