Finance
What is the purpose of a loan estimate in Nevada mortgage transactions under TRID?
AIt is the final statement of all costs at closing
BIt is a disclosure provided within 3 business days of loan application showing estimated loan terms, projected payments, and closing costs✓ Correct
CIt is the lender's internal underwriting document
DIt is the appraisal ordered by the lender
Explanation
Under TRID (TILA-RESPA Integrated Disclosure), the Loan Estimate must be provided to borrowers within 3 business days of application. It shows the estimated interest rate, monthly payment, and total closing costs, enabling comparison shopping among Nevada lenders.
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