A borrower submits a mortgage application on Monday at 2:00 PM. The lender determines the application is complete on Wednesday at 10:00 AM. What is the latest day the Loan Estimate must be delivered to comply with TRID requirements?
Correct Answer
C) Monday of the following week
The 3-business day clock starts when the application is complete (Wednesday). Counting business days: Thursday (day 1), Friday (day 2), Monday (day 3). The Loan Estimate must be delivered by Monday under 12 CFR 1026.19(e).
Why This Is the Correct Answer
The 3-business day clock starts when the application is complete (Wednesday). Counting business days: Thursday (day 1), Friday (day 2), Monday (day 3). The Loan Estimate must be delivered by Monday under 12 CFR 1026.19(e).
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