A creditor receives an application requiring an initial Loan Estimate on Monday, March 2. Substantially all business functions operate each weekday, but not weekends. No holiday, denial or withdrawal affects the deadline. What is the latest day to deliver or mail the Loan Estimate?
Correct Answer
D) Thursday 5 March, the 3rd business day after the application arrived
D. Thursday, March 5. Tuesday, Wednesday and Thursday are the three following business days. Scope and exceptions: This is a delivery-or-mailing deadline, not a receipt deadline. Source: 1026.19(e)(1)(iii)(A), comment 1 — https://www.consumerfinance.gov/rules-policy/regulations/1026/19/
Why This Is the Correct Answer
D. Thursday, March 5. Tuesday, Wednesday and Thursday are the three following business days. Scope and exceptions: This is a delivery-or-mailing deadline, not a receipt deadline.
Why the Other Options Are Wrong
Option A: Friday 6 March, before that same calendar week comes to an end
Friday is too late.
Option B: Monday 9 March, counting 5 business days from the application date
Five days is too late.
Option C: Wednesday 4 March, counting 2 business days from the application date
Wednesday is permitted but not the latest day.
Exam Tip
Start with the triggering event.
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