A borrower submits a complete application on Wednesday at 3:00 PM. The lender's office is closed Thursday for a federal holiday and Friday for a company holiday. When must the Loan Estimate be delivered to comply with TRID timing requirements?
Correct Answer
B) By Monday at 3:00 PM
Under TRID, the Loan Estimate must be delivered within 3 business days of receiving a complete application. Business days exclude Saturdays, Sundays, and federal holidays. Company holidays do not extend the deadline. Wednesday to Monday = 3 business days (Thursday is federal holiday, so doesn't count).
Why This Is the Correct Answer
Under TRID, the Loan Estimate must be delivered within 3 business days of receiving a complete application. Business days exclude Saturdays, Sundays, and federal holidays. Company holidays do not extend the deadline. Wednesday to Monday = 3 business days (Thursday is federal holiday, so doesn't count).
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