Under the TRID (TILA-RESPA Integrated Disclosure) rules, a Loan Estimate must be delivered to the borrower within how many business days of receiving a completed loan application?
Correct Answer
B) 3 business days
Under the TRID (TILA-RESPA Integrated Disclosure) rules administered by the Consumer Financial Protection Bureau (CFPB), lenders must deliver a Loan Estimate to the borrower within 3 business days of receiving a completed loan application. The Loan Estimate provides borrowers with key information about the loan terms, projected monthly payments, and estimated closing costs, enabling them to compare offers from different lenders before committing to a loan.
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Related Topics & Key Terms
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Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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