Finance
What is a loan estimate (LE) and when must it be provided?
AA lender's preliminary interest rate quote
BA standardized TRID form disclosing loan terms and estimated closing costs, provided within 3 business days of application✓ Correct
CA final disclosure before closing
DAn informal estimate from the lender
Explanation
Under TRID (TILA-RESPA Integrated Disclosure) rules, lenders must provide a Loan Estimate (LE) within 3 business days of receiving a mortgage application. It discloses estimated loan terms, monthly payments, and closing costs.
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