Under TRID, within how many business days of receiving a completed loan application must a lender provide the borrower with a Loan Estimate?
Correct Answer
B) Within 3 business days
Under the TRID (TILA-RESPA Integrated Disclosure) rule, lenders must deliver or mail the Loan Estimate to the borrower within 3 business days of receiving a completed loan application. This disclosure provides an estimate of loan terms, projected monthly payments, and closing costs.
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Related Topics & Key Terms
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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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