Finance
Which federal law requires lenders to provide a Loan Estimate to mortgage applicants and a Closing Disclosure before closing?
ARESPA only
BTILA-RESPA Integrated Disclosure (TRID) rule✓ Correct
CEqual Credit Opportunity Act (ECOA)
DCommunity Reinvestment Act (CRA)
Explanation
The TRID rule (also called Know Before You Owe) integrates TILA and RESPA disclosures, requiring lenders to provide a Loan Estimate within 3 business days of application and a Closing Disclosure at least 3 business days before closing.
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