Under TRID rules, within how many business days must a lender provide a Loan Estimate after receiving a complete loan application?
Why 3 business days Is Correct
Answer B: 3 business days
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
People Also Study
Related North Carolina Questions
- Which federal law requires lenders to provide the Loan Estimate to a borrower within 3 business days of receiving a loan application?Finance
- In NC, a 'Closing Disclosure' must be delivered to the buyer at least how many business days before consummation of the loan?Escrow & Title
- A NC lender must provide the Closing Disclosure how many business days before the loan consummation date?Finance
- Under TRID (TILA-RESPA Integrated Disclosure), what is the maximum number of days a lender may wait before providing a revised Loan Estimate to a borrower after a 'changed circumstance'?Finance
- Which federal law requires lenders to provide a Loan Estimate within three business days of receiving a mortgage application?Finance
- Under the NC Residential Rental Agreements Act, a landlord must return the security deposit or provide an itemized accounting within how many days after the tenancy ends?Property Management
- The NC Homeowners Association Act (Chapter 47F) requires HOAs to provide unit owners with how many days' notice before a special assessment?Property Ownership
- A NC lender who receives a payoff of the mortgage on a property must record a satisfaction within how many days?Escrow & Title
Key Terms to Know
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.
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →