A borrower submits a complete mortgage application on Tuesday at 2:00 PM. When is the latest the lender can deliver the Loan Estimate without violating TRID timing requirements?
Correct Answer
B) Friday by close of business
Under TRID, the 3-business day period begins the business day after application receipt. Tuesday application means Wednesday (day 1), Thursday (day 2), Friday (day 3). The Loan Estimate must be delivered by Friday's close of business.
Why This Is the Correct Answer
Under TRID, the 3-business day period begins the business day after application receipt. Tuesday application means Wednesday (day 1), Thursday (day 2), Friday (day 3). The Loan Estimate must be delivered by Friday's close of business.
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