Origination ActivitiesQuestion 181 of 400
In addition to being provided within three business days of application, the Loan Estimate must be received by the consumer no later than how many business days before consummation?
a.1 business day
b.3 business days
c.5 business days
d.7 business days
Explanation
The consumer must receive the Loan Estimate no later than seven business days before consummation. This ensures the borrower has time to review the estimated terms before becoming obligated on the loan.
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Related questions on this topic
- A loan officer receives the borrower's name, income, SSN, subject property address, an estimate of the property's value, and the requested loan amount on Monday. When does the three-business-day Loan Estimate clock begin?
- Which of the following is NOT one of the six pieces of information that constitute an application under TRID?
- The creditor must deliver or place in the mail the Loan Estimate no later than how many business days after receiving the application?
- The consumer must receive the Closing Disclosure at least how long before consummation?
- For the Closing Disclosure's three-business-day waiting period, 'business day' is defined as:
- For counting the three days to deliver the Loan Estimate, 'business day' means:
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