Question

Borrowers must receive an additional set of disclosures three days prior to closing on high-cost home loans. These disclosures include:

The amounts of the regular monthly payment and any ______________ payment.
A) Extraordinary
B) Extra
C) Additional
D) Supplemental

Answer 1

The correct answer is A) Extraordinary. Borrowers must receive an additional set of disclosures three days prior to closing on high-cost home loans, including the amounts of the regular monthly payment and any extraordinary payment.

Step-by-step explanation:

The correct answer to the question is A) Extraordinary.

Borrowers must receive an additional set of disclosures three days prior to closing on high-cost home loans. These disclosures include the amounts of the regular monthly payment and any extraordinary payment.

For example, if a borrower has a high-cost home loan, the regular monthly payment may be $1,000. However, there may also be times when an extraordinary payment is required, such as in the case of late fees or penalties. These additional disclosures provide transparency and help borrowers understand the full cost of their loan.