Finance
Which federal law requires lenders to provide borrowers with a Loan Estimate within three business days of receiving a loan application for most residential mortgages?
ATruth in Lending Act (TILA)
BRESPA
CTRID (TILA-RESPA Integrated Disclosure Rule)✓ Correct
DHMDA
Explanation
The TRID rule, which combined the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosure requirements, requires lenders to provide a Loan Estimate within three business days of receiving a completed loan application. TRID replaced the old Good Faith Estimate and early TIL disclosure forms. Illinois lenders must comply with TRID on all covered residential mortgage transactions.
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