A borrower receives a Loan Estimate on Monday and wants to lock their interest rate. The lender's rate lock policy requires a 4-business-day waiting period after Loan Estimate delivery. What is the earliest day the borrower can lock their rate?
Correct Answer
B) Friday
While TRID requires a 3-business-day waiting period before closing, lenders may impose their own waiting periods for rate locks. If delivered Monday, 4 business days later would be Friday (Tuesday, Wednesday, Thursday, Friday = 4 business days).
Why This Is the Correct Answer
While TRID requires a 3-business-day waiting period before closing, lenders may impose their own waiting periods for rate locks. If delivered Monday, 4 business days later would be Friday (Tuesday, Wednesday, Thursday, Friday = 4 business days).
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