Finance
RESPA (Real Estate Settlement Procedures Act) requires lenders to provide borrowers with a Loan Estimate within how many days of receiving a loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D10 business days
Explanation
RESPA requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a completed loan application. The Loan Estimate discloses estimated costs and terms of the loan.
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Key Terms to Know
Promissory Note
A written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
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