Escrow & Title
The Loan Estimate (LE) must be provided to a mortgage applicant within how many business days after application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under TRID, lenders must provide the Loan Estimate to applicants within 3 business days of receiving a completed loan application. It gives borrowers an estimate of loan terms and closing costs.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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