NMLS Federal Mortgage Practice Test Questions

What is a 'dry closing'?

A closing conducted entirely online without a notary A closing where documents are signed but funds are not disbursed at the time of signing A closing held in a state that prohibits escrow accounts A closing where the buyer submits a cashier's check instead of a wire

Correct Answer:

A closing where documents are signed but funds are not disbursed at the time of signing

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