A borrower submits a mortgage application on a Thursday afternoon with all required information except the estimated property value, which they promise to provide the following Monday. For TRID compliance, when does the 3-business-day Loan Estimate delivery period begin?
Correct Answer
C) Monday when the complete application is received
The TRID 3-business-day period begins when the lender receives a complete application with all six required pieces of information. Until the estimated property value is provided on Monday, the application remains incomplete, and the timing requirements do not begin.
Why This Is the Correct Answer
The TRID 3-business-day period begins when the lender receives a complete application with all six required pieces of information. Until the estimated property value is provided on Monday, the application remains incomplete, and the timing requirements do not begin.
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