A borrower received a Loan Estimate on Monday and wants to lock their interest rate. The earliest the MLO can accept the rate lock request is:
Correct Answer
D) Thursday
The borrower must receive the Loan Estimate at least 3 business days before the rate can be locked or the loan can be consummated. If received on Monday, the 3-business-day period ends on Thursday, per 12 CFR 1026.19(e)(2)(i)(A).
Why This Is the Correct Answer
The borrower must receive the Loan Estimate at least 3 business days before the rate can be locked or the loan can be consummated. If received on Monday, the 3-business-day period ends on Thursday, per 12 CFR 1026.19(e)(2)(i)(A).
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