When must a lender provide the initial HELOC disclosure statement to an applicant?
Correct Answer
B) Within 3 business days of receiving the application
Under Regulation Z Section 226.5b, lenders must provide HELOC disclosures within 3 business days after receiving a completed application. This early disclosure helps borrowers understand the terms before proceeding with the application process.
Why This Is the Correct Answer
Under Regulation Z Section 226.5b, lenders must provide HELOC disclosures within 3 business days after receiving a completed application. This early disclosure helps borrowers understand the terms before proceeding with the application process.
More Mortgage Knowledge Questions
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