Finance
Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
AThe Truth in Lending Act (TILA)
BRESPA and TRID (TILA-RESPA Integrated Disclosure)✓ Correct
CThe Equal Credit Opportunity Act (ECOA)
DThe Fair Housing Act
Explanation
TRID (the TILA-RESPA Integrated Disclosure rule) requires lenders to provide a Loan Estimate within 3 business days of receiving a mortgage application and a Closing Disclosure at least 3 business days before closing.
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