Finance
In Colorado, a mortgage lender is required to provide the borrower with a 'Loan Estimate' within how many business days of receiving the loan application?
AA. 1 business day
BB. 3 business days✓ Correct
CC. 5 business days
DD. 7 business days
Explanation
Under the federal TILA-RESPA Integrated Disclosure (TRID) rules, lenders must provide the borrower with a Loan Estimate within 3 business days of receiving a complete loan application. The Loan Estimate discloses the loan terms, projected monthly payments, and estimated closing costs.
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