Finance
Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of receiving a mortgage application?
ARESPA
BTILA
CTRID (TILA-RESPA Integrated Disclosure Rule)✓ Correct
DECOA
Explanation
The TRID rule (TILA-RESPA Integrated Disclosure Rule), effective October 2015, replaced the old GFE and Truth-in-Lending disclosure with the Loan Estimate and Closing Disclosure. Lenders must provide the Loan Estimate within three business days of receiving a loan application.
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