Finance
Under RESPA (Real Estate Settlement Procedures Act), a lender must provide a Loan Estimate to the borrower within:
A1 business day of loan application
B3 business days of loan application✓ Correct
C7 business days of loan application
D10 business days of loan application
Explanation
RESPA requires lenders to provide the Loan Estimate (LE) to borrowers within 3 business days of receiving a loan application.
Related New Mexico Finance Questions
- The USDA Rural Development loan program can be used in qualifying rural and suburban areas of New Mexico and offers:
- The 'three-day waiting period' under TRID (Know Before You Owe) rules means that after receiving the Closing Disclosure, the buyer must wait:
- In New Mexico, 'seller financing' (seller carryback) is used most often when:
- In New Mexico, a 'lock-in' or 'rate lock' agreement with a lender means:
- In New Mexico, a 'conforming jumbo' or 'super conforming' loan is one that:
- In New Mexico, a 'construction-to-permanent loan' (single-close loan) works by:
- In New Mexico, the 'ability to repay' rule under the Dodd-Frank Act requires lenders to:
- In New Mexico, a 'second mortgage' or 'junior lien' is characterized by:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →