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

question 12

Multiple Choice

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

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Definitions:

Hypertrophied

Hypertrophied refers to an organ or tissue that has increased in size due to the enlargement of its cells, often in response to increased demand or stimulus.

Fast-Twitch Fibers

Muscle fibers that contract quickly and are used for short bursts of speed and power, but fatigue more rapidly than slow-twitch fibers.

Skeletal System

The framework of bones and cartilages that supports the body, protects internal organs, and facilitates movement.

Photoreceptors

Specialized cells found in the retina of the eye that convert light into electrical signals, facilitating vision.