Which of the following lists are the six items that make an application and require a Loan Estimate?

Which of the following lists are the six items that make an application and require a Loan Estimate?

• A. Name; Address; SSN; Gross monthly income; Est property value; Amount of mortgage they are seeking
• B. Name; Email; Phone; Gross monthly income; Est property value; Mortgage type
• C. Name; Address; SSN; Employer name; Property address; Loan-to-value
• D. Name; Address; SSN; Credit score; Est property value; Mortgage amount

Answer: (A)

When a mortgage application is considered complete for TRID purposes, the lender uses six data points to trigger the requirement for a Loan Estimate. Those six items are the borrower’s name, address, Social Security number (to pull a credit report), gross monthly income, estimated property value, and the loan amount sought. These pieces establish who is applying, what property is involved, the borrower’s ability to repay, and the size of the loan, which together justify generating and delivering the Loan Estimate within the required timeframe. The correct list matches these six elements exactly. Other options include items like email or phone contact, employer name, mortgage type, or even a credit score, which are not the six trigger data used to determine that an application exists for LE purposes.

When a mortgage application is considered complete for TRID purposes, the lender uses six data points to trigger the requirement for a Loan Estimate. Those six items are the borrower’s name, address, Social Security number (to pull a credit report), gross monthly income, estimated property value, and the loan amount sought. These pieces establish who is applying, what property is involved, the borrower’s ability to repay, and the size of the loan, which together justify generating and delivering the Loan Estimate within the required timeframe.

The correct list matches these six elements exactly. Other options include items like email or phone contact, employer name, mortgage type, or even a credit score, which are not the six trigger data used to determine that an application exists for LE purposes.