Nina gives a lender her name, income, Social Security number, the property address, an estimate of value, and the desired loan amount for a home purchase. She has not yet signed the purchase agreement. The loan officer says the lender can wait to issue the Loan Estimate until the contract is signed. Which statement is most accurate?
Correct Answer
A) The lender must provide or mail the Loan Estimate within three business days because the six required pieces were already provided
A signed contract is not required to trigger the Loan Estimate. Once Nina supplied the six pieces of information that make up an application under TRID, the creditor generally had three business days to deliver or place the Loan Estimate in the mail.
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