Finance
A Massachusetts mortgage lender is required to give the borrower a Loan Estimate within how many business days of receiving the loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under RESPA/TILA, lenders must provide the Loan Estimate within 3 business days of receiving a completed loan application. The Loan Estimate discloses estimated loan terms and closing costs.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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