Finance
In Arizona, a lender must provide a Loan Estimate to a mortgage applicant within how many business days of receiving a complete application?
A1 business day
B3 business days✓ Correct
C5 business days
D10 business days
Explanation
TRID requires lenders to provide the Loan Estimate to a borrower within 3 business days of receiving a complete mortgage application—defined as the six pieces of information required to constitute an application.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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