A Washington broker receives a loan application on 1 June 2026 and sends its fee disclosure on 8 June. Did the broker deliver the fee disclosure within the required period?
Correct Answer
B) Late: the full written disclosure follows within 3 business days
Within three business days following receipt of a loan application the broker or originator must provide a full written disclosure itemizing and explaining all fees and costs the borrower must pay, and specifying which fees inure to the broker benefit. Other choices: a week is outside the period; one business day is stricter than the statute; and whether a fee has been paid is not what starts the clock. Source: RCW 19.146.030(1)
Why This Is the Correct Answer
Within three business days following receipt of a loan application the broker or originator must provide a full written disclosure itemizing and explaining all fees and costs the borrower must pay, and specifying which fees inure to the broker benefit. Other choices: a week is outside the period; one business day is stricter than the statute; and whether a fee has been paid is not what starts the clock. Source: RCW 19.146.030(1)
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