Finance
What is a 'Loan Estimate' (LE) in a Kansas mortgage transaction?
AAn informal estimate given verbally by the loan officer
BA standardized federal form provided to mortgage applicants within 3 business days of application, disclosing estimated loan terms, closing costs, and other key information✓ Correct
CA letter pre-qualifying the borrower for a loan amount
DA final statement of all closing costs provided at settlement
Explanation
The Loan Estimate is a CFPB-required standardized form provided within 3 business days of a mortgage application. It discloses estimated loan terms, projected monthly payments, and estimated closing costs, allowing comparison shopping.
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