Finance
The 'Loan Estimate' disclosure under TRID must be provided to the mortgage applicant within:
AA. 24 hours of application
BB. 3 business days of application✓ Correct
CC. 5 business days of application
DD. 10 calendar days of application
Explanation
Under TRID (TILA-RESPA Integrated Disclosure), lenders must provide the Loan Estimate within 3 business days of receiving a completed loan application. This gives borrowers time to compare loan offers.
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Key Terms to Know
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.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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