Finance
A NH lender is required to provide the Loan Estimate (LE) to a borrower within how many business days of receiving a complete loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, lenders must provide the Loan Estimate to the borrower within 3 business days of receiving a complete loan application.
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Key Terms to Know
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.
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.
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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