A community bank that is open Monday through Friday and closed on weekends receives Aaron's complete application on Thursday. By when must it deliver or place the Loan Estimate in the mail?
Correct Answer
A) No later than Tuesday of the following week
For providing the Loan Estimate after application, business day generally means a day when the creditor's offices are open for substantially all business functions. If the application arrives on Thursday and the bank is open Friday, Monday, and Tuesday, the third business day is Tuesday.
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