Olivia receives a Loan Estimate on March 1 but does not tell the lender she wants to move forward until more than 10 business days later. What may the lender generally do?
Correct Answer
A) Issue a revised Loan Estimate with updated terms and estimated costs
The lender is generally required to honor the Loan Estimate terms for 10 business days. If the consumer waits longer than that to indicate an intent to proceed, the lender may revise the terms and provide a revised Loan Estimate.
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