A lender receives an application on Monday but determines it is incomplete because the borrower failed to provide income documentation. On Thursday, the borrower provides the missing documents. When does the 3-business-day clock start for Loan Estimate delivery?
Correct Answer
D) Thursday when the application became complete
Under TRID Section 1026.19(e)(1)(iii), the 3-business-day period for delivering the Loan Estimate begins when the creditor receives a complete application. An incomplete application does not trigger the timing requirement until all required information is provided.
Why This Is the Correct Answer
Under TRID Section 1026.19(e)(1)(iii), the 3-business-day period for delivering the Loan Estimate begins when the creditor receives a complete application. An incomplete application does not trigger the timing requirement until all required information is provided.
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