The variance 3/7/3 Rule requires a seven business day waiting period once the initial disclosure is provided before closing a home loan if the Good Faith Estimate turns out to be off by more than the variance percentages established by which of the following new legislative actions?
A) Mortgage Disclosure Improvement Act of 2008
B) American Recovery and Reinvestment Act of 2009
C) The Frank-Dodd Act of 2011
D) The Community Reinvestment Act

Question

Quizplus · Accepted Answer

The Mortgage Disclosure Improvement Act of 2008 introduced the requirement for a seven business day waiting period if the Good Faith Estimate deviates beyond established variance percentages, aiming to improve transparency and accuracy in mortgage disclosures.

The Variance 3/7/3 Rule Requires a Seven Business Day Waiting