Finance
In Louisiana, the 'Good Faith Estimate' has been replaced by the 'Loan Estimate' under TRID. The Loan Estimate must be provided within:
A1 business day of application
B3 business days of receiving a complete loan application✓ Correct
C7 calendar days before closing
D10 business days of issuing a pre-approval
Explanation
Under the TILA-RESPA Integrated Disclosure (TRID) rule effective October 2015, the Loan Estimate must be provided to the borrower within 3 business days of receiving a completed loan application — replacing both the old Good Faith Estimate and initial Truth in Lending disclosure.
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