Under TRID (TILA-RESPA Integrated Disclosure rules), a Loan Estimate must be provided to the borrower within how many business days of receiving a completed loan application?
Correct Answer
B) Within 3 business days
Under TRID (TILA-RESPA Integrated Disclosure), lenders must provide the Loan Estimate to the borrower within 3 business days of receiving a completed loan application. The Loan Estimate outlines key loan terms, projected monthly payments, and estimated closing costs, helping borrowers understand and compare loan offers before committing.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
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.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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