Finance
Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
ATruth in Lending Act (TILA)
BRESPA (Real Estate Settlement Procedures Act)
CTRID (TILA-RESPA Integrated Disclosure rule)✓ Correct
DEqual Credit Opportunity Act
Explanation
The TRID rule (TILA-RESPA Integrated Disclosure), effective 2015, requires lenders to provide a Loan Estimate within 3 business days of receiving a complete loan application and a Closing Disclosure 3 days before closing.
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