Under TRID (TILA-RESPA Integrated Disclosure), a Loan Estimate must be provided to the borrower within how many business days of receiving a completed loan application?
Correct Answer
B) 3 business days
Under TRID (TILA-RESPA Integrated Disclosure), lenders must provide the Loan Estimate within 3 business days of receiving a completed loan application. This gives borrowers time to review estimated loan terms, costs, and fees before proceeding.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
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.
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