A borrower submits a loan application on Friday evening through an online portal. The lender's system automatically generates a Loan Estimate. When must this Loan Estimate be delivered to comply with TRID requirements?
Correct Answer
B) Within 3 business days, so by Wednesday of the following week
Under TRID regulations (12 CFR 1026.19(e)), the Loan Estimate must be delivered within 3 business days of receiving the application. Business days exclude Saturdays, Sundays, and federal holidays. Since the application was received Friday evening, the 3-business-day period would end Wednesday of the following week.
Why This Is the Correct Answer
Under TRID regulations (12 CFR 1026.19(e)), the Loan Estimate must be delivered within 3 business days of receiving the application. Business days exclude Saturdays, Sundays, and federal holidays. Since the application was received Friday evening, the 3-business-day period would end Wednesday of the following week.
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