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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
Giải thích
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.
Trích dẫn luật: TRIDLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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- Under the TRID rule, the borrower must receive the Closing Disclosure no later than how many business days before consummation of the loan?
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- After a lender takes adverse action on a completed mortgage application, within how many days must the applicant receive notice under ECOA?
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- Which of the following is NOT a protected basis under the Equal Credit Opportunity Act?
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