For an Adjustable-Rate Mortgage (ARM), specific disclosures must be provided to the borrower within three business days of receiving a completed loan application. These disclosures are required under TILA (Truth in Lending Act) and include detailed information about the loan's terms, how the interest rate can change, and what potential payment increases might occur over time.
* The Loan Estimate (LE), which includes ARM-specific information, must be provided within this timeframe to ensure the borrower understands the adjustable nature of the loan before proceeding further in the process.
Other options like at closing or when a loan is locked in are incorrect, as disclosures must be provided much earlier in the process.
References:
* Truth in Lending Act (TILA), 12 CFR Part 1026 (Regulation Z)
* TILA-RESPA Integrated Disclosure Rule (TRID)

The Uniform Residential Loan Application (URLA, Form 1003) requires a comprehensive listing of the applicant's assets and liabilities. This helps the lender determine the applicant's net worth and capacity to repay the loan.
"The application must contain a complete and accurate accounting of all borrower assets and liabilities."
- Fannie Mae Form 1003, Uniform Residential Loan Application Instructions References:
Fannie Mae, Form 1003 Instructions

Under the Equal Credit Opportunity Act (ECOA), lenders can deny a loan based on immigration status, as it directly relates to the borrower's ability to legally reside and work in the country. Lenders must ensure that the borrower has the legal capacity to enter into a binding contract and that they are authorized to work in the
U.S. for the loan's duration.
* Receipt of child support (A), marital status (C), and country of birth (D) are protected characteristics under ECOA, meaning a lender cannot deny credit based on these factors.
References:
Equal Credit Opportunity Act (ECOA), 15 U.S.C. §1691
CFPB Regulation B

When a mortgage loan originator (MLO) is also acting as a real estate broker in the same transaction, an Affiliated Business Arrangement (ABA) Disclosure is required under RESPA. This disclosure ensures that the borrower is made aware of the relationship between the parties involved in the transaction and any potential conflict of interest, especially if the MLO could benefit financially from both roles.
* Loan application (A), appraisal disclosure (B), and the special information booklet (C) are separate required disclosures, but they do not address the issue of affiliated businesses.
References:
* RESPA (Real Estate Settlement Procedures Act), Section 8
* CFPB Guidelines on affiliated business arrangements

The VA funding fee varies based on several factors, including whether the borrower has a service-connected disability, if the borrower is a first-time or subsequent user of VA benefits, and the loan-to-value ratio (LTV).
Marital status does NOT affect the funding fee.
"Factors that determine the VA funding fee include: type of veteran, type of loan, down payment amount (LTV), and whether the veteran has previously used entitlement. Marital status does not impact the funding fee."
- U.S. Department of Veterans Affairs, VA Funding Fee Table
References:
VA Funding Fee Table: VA.gov
SAFE MLO National Test Study Guide