Under TRID, a lender must provide the Loan Estimate to a borrower within how many business days of receiving a completed loan application?
Correct Answer
B) Within 3 business days
Under the TILA-RESPA Integrated Disclosure (TRID) rule, a lender must deliver or mail the Loan Estimate to the borrower within 3 business days of receiving a completed loan application. This disclosure provides the borrower with key loan terms and estimated closing costs to facilitate comparison shopping.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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