A lender receives a mortgage application on Friday afternoon after business hours. For TRID timing purposes, when does the 3-business day period begin?
Correct Answer
C) Monday
Under TRID regulations, the 3-business day period begins on the first business day after the creditor receives the application. Since the application was received after hours on Friday, the period begins on Monday (the next business day).
Why This Is the Correct Answer
Under TRID regulations, the 3-business day period begins on the first business day after the creditor receives the application. Since the application was received after hours on Friday, the period begins on Monday (the next business day).
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