Finance
Under New York law, a residential mortgage lender is required to provide the borrower with a 'Good Faith Estimate' (now replaced by the Loan Estimate under TRID) within:
A1 business day of receiving the application
B3 business days of receiving the completed application✓ Correct
C7 days before closing
DAt the time of closing
Explanation
Under TRID (effective October 2015), lenders must provide borrowers with a Loan Estimate (which replaced the Good Faith Estimate) within 3 business days of receiving a completed mortgage application. The Loan Estimate provides key loan terms and estimated closing costs to help borrowers compare loan offers.
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