Finance
Which federal law requires lenders to provide a Loan Estimate to mortgage applicants within 3 business days of application?
ATruth in Lending Act (TILA)
BRESPA/TRID (TILA-RESPA Integrated Disclosure)✓ Correct
CEqual Credit Opportunity Act (ECOA)
DHome Mortgage Disclosure Act (HMDA)
Explanation
The TRID rule (TILA-RESPA Integrated Disclosure, effective 2015) requires lenders to provide the Loan Estimate form within 3 business days of a mortgage application. The Closing Disclosure must be provided 3 business days before closing.
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