Finance
RESPA requires that borrowers receive a Loan Estimate within how many business days of a complete loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under RESPA and TILA (the TRID rules effective since 2015), lenders must provide a Loan Estimate (LE) to the borrower within 3 business days of receiving a complete loan application. The LE discloses estimated closing costs, loan terms, and projected payments.
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