A California borrower applies for a home purchase loan. Under RESPA, the lender must provide the borrower with a Loan Estimate within a specific timeframe after receiving a completed loan application. What is this timeframe?
Correct Answer
A) Within 3 business days of receiving the application
Under the TILA-RESPA Integrated Disclosure (TRID) rules, lenders must provide the Loan Estimate to borrowers within 3 business days of receiving a completed loan application. The Loan Estimate replaced the Good Faith Estimate and initial Truth-in-Lending disclosure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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.
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