Finance
Under TRID (TILA-RESPA Integrated Disclosure) rules, a borrower must receive the Loan Estimate within:
A1 business day of the loan application
B3 business days of the loan application✓ Correct
C5 business days of the loan application
DAt the loan closing only
Explanation
Under TRID rules, lenders must provide the Loan Estimate to borrowers within 3 business days of receiving a mortgage application. The Loan Estimate shows key loan terms and estimated closing costs.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)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.
Math Concepts
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