NMLS TRID timing practice questions

10 questions · Untimed · Explanation after each question

Loan Estimate and Closing Disclosure deadlines, waiting periods, revised disclosures, tolerance cures, rescission days and the other federal clocks an MLO has to count. Timing questions come from the federal law and loan origination areas, which together are 51% of the test.

Line drawing of a desk calendar with days crossed off, an envelope, a clock and a document with a signature line

The TRID and rescission clocks

Loan Estimate: Delivered or mailed no later than the 3rd business day after the application (six pieces of information), and at least 7 business days before consummation (12 CFR 1026.19(e)(1)(iii))
Home Loan Toolkit and counseling list: The Your Home Loan Toolkit booklet (purchase loans) and the list of homeownership counseling organizations within 3 business days after application (12 CFR 1026.19(g); 1024.20)
Revised Loan Estimate: Within 3 business days after learning of a changed circumstance; never on or after the day the Closing Disclosure is given, and received at least 4 business days before consummation (12 CFR 1026.19(e)(4))
Closing Disclosure: Received by the consumer at least 3 business days before consummation; a disclosure that is mailed counts as received 3 business days after mailing (12 CFR 1026.19(f)(1)(ii))
New 3-day wait: Only if the APR becomes inaccurate, the loan product changes, or a prepayment penalty is added (12 CFR 1026.19(f)(2)(ii))
Tolerance cure: Refund any amount over the tolerance no later than 60 days after consummation (12 CFR 1026.19(f)(2)(v))
Right of rescission: 3 business days (every day except Sundays and federal holidays) on a refinance of a principal dwelling, starting after the latest of consummation, the notice and the material disclosures (12 CFR 1026.23)

Before you start

Every question has four options and one correct answer, as on the real test. Each explanation says why the answer is right and why the most tempting wrong answer is wrong; calculations show the arithmetic.
Check each answer to see the explanation before moving on. Checked answers cannot be changed.

Create a free account before you start

Create a free account to start. Every drill includes one free attempt. An NMLS pass unlocks the full timed practice exam and unlimited drills in all five content areas.

Original practice questions written to the SAFE MLO National Test with Uniform State Test Content Outline. Independent practice, not affiliated with or endorsed by NMLS, the Conference of State Bank Supervisors or the State Regulatory Registry.