Finance
RESPA (Real Estate Settlement Procedures Act) requires that a Loan Estimate be provided to the borrower within how many business days of the loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under RESPA and TRID regulations, lenders must provide the Loan Estimate (LE) to the borrower within 3 business days of receiving a completed loan application. The LE discloses the estimated costs of the loan.
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