Under the Truth in Lending Act (TILA), also known as Regulation Z, a California lender must provide certain disclosures to the borrower. When must the Loan Estimate be provided?
Correct Answer
A) Within 3 business days after the borrower submits a loan application
Under TILA/RESPA Integrated Disclosure (TRID) rules, the lender must provide the Loan Estimate within 3 business days of receiving a complete loan application. This gives the borrower time to review terms and compare offers.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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