Federal Mortgage LawsQuestion 1 of 400
A borrower submits a complete mortgage application on Monday. Under the TRID rule, what is the latest the lender may deliver or place the Loan Estimate in the mail?
a.Within 24 hours of application
b.By the end of the same business day
c.No later than 3 business days after receiving the application
d.At least 7 business days before closing
Explanation
TRID requires the Loan Estimate to be delivered or mailed no later than 3 business days after the lender receives a complete application. The 7-business-day figure is the waiting period between delivering the LE and consummation, not the delivery deadline. Same-day or 24-hour delivery is not required.
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