Finance
Under RESPA, a lender must provide the borrower with a Loan Estimate within how many days of receiving a loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
RESPA requires lenders to provide the Loan Estimate to the borrower within 3 business days of receiving a completed loan application.
Related Kansas Finance Questions
- What is 'private mortgage insurance' (PMI) cancellation policy for conventional Kansas loans?
- In Kansas, a 'participatory mortgage' allows the lender to receive, in addition to interest:
- What is a 'mortgage contingency' in a Kansas purchase agreement?
- In Kansas, the 'due on sale' clause in a mortgage means:
- What is the purpose of private mortgage insurance (PMI)?
- In Kansas, a 'short sale' occurs when:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- In Kansas, a mortgage note is best described as:
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →