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Under Virginia law, a mortgage lender or broker must provide a borrower with a written disclosure of all loan terms and fees within what timeframe after receiving a completed loan application?

Correct Answer

C) Within 3 business days

Virginia law, consistent with federal TILA-RESPA requirements, mandates that a Loan Estimate must be provided to the borrower within 3 business days of receiving a completed loan application.

Answer Options
A
Immediately upon receiving the application
B
Within 7 business days
C
Within 3 business days
D
Within 10 business days

Why This Is the Correct Answer

Virginia law, consistent with federal TILA-RESPA requirements, mandates that a Loan Estimate must be provided to the borrower within 3 business days of receiving a completed loan application.

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