Finance
A Nebraska lender who receives a borrower's application for a home loan must provide the Loan Estimate within 3 business days. A 'business day' for this purpose excludes:
AAll federal holidays
BSundays and federal public holidays✓ Correct
CAll Saturdays, Sundays, and federal holidays
DOnly Christmas and New Year's Day
Explanation
For TRID timing purposes, 'business days' excludes Sundays and federal public holidays — not all Saturdays. Saturdays are generally counted as business days for Loan Estimate timing.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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