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

question 9

Multiple Choice

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

• A)a certain number of days after the loan is finalized.
• B)a certain number of days before the loan is finalized.
• C)at the same time at which the loan is finalized.
• D)at whatever time is most rational and appropriate.

---

Definitions:

Cost Reconciliation Report

A financial document that adjusts and aligns cost elements within a specific period or project to ensure accounting accuracy.

Units Transferred

The total number of units moved from one stage of production to the next or from one department to another during a period.

Department

A distinct area, division, or branch of an organization designated to perform specific functions or tasks.

Cost Reconciliation Report

A financial report that explains the differences or reconciles the variances between the cost of beginning and ending inventories in cost accounting.