Origination ActivitiesQuestion 184 of 400
For counting the three days to deliver the Loan Estimate, 'business day' means:
a.All calendar days except Sundays and federal holidays
b.Monday through Saturday, always
c.A day the creditor is open to the public for carrying out substantially all of its business functions
d.Any day the Federal Reserve is open
Explanation
The three-day LE delivery period uses the general definition of 'business day': a day on which the creditor's offices are open to the public for carrying out substantially all of its business functions. This differs from the more precise definition used for the CD waiting period.
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Related questions on this topic
- 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?
- 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:
- Before the consumer has received the Loan Estimate and communicated intent to proceed, the creditor may collect which fee?
- Which of the following qualifies as the consumer's 'intent to proceed' with the transaction?
- When a valid changed circumstance justifies a revised Loan Estimate, the creditor must deliver or mail it within how many business days of receiving information sufficient to establish the change?
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