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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Related Topics & Key Terms
Key Terms:
Related Concepts
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
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