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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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
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