Fact Pattern
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people,including Benny,who could not easily obtain credit under other loan programs.
-Refer to Fact Pattern 16-1A.Under federal law,disclosures with respect to one of 24-Hour Credit's loans must be provided

Question

Fact Pattern 
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people,including Benny,who could not easily obtain credit under other loan programs.
-Refer to Fact Pattern 16-1A.Under federal law,disclosures with respect to one of 24-Hour Credit's loans must be provided

Quizplus · Accepted Answer

Under federal law, disclosures with respect to high-cost mortgages must be provided to the borrower at least three business days before the loan is finalized. This gives the borrower time to review the terms and ask questions before committing to the loan.

Fact Pattern 24-Hour Credit Corporation Issues High-Cost and High-Fee Mortgage Products to Mortgage