Escrow & Title
RESPA requires that borrowers receive a Loan Estimate within how many business days of application?
A1 business day
B3 business days✓ Correct
C5 business days
D10 business days
Explanation
Under RESPA and TILA-RESPA Integrated Disclosure (TRID) rules, lenders must provide the Loan Estimate within 3 business days of receiving a loan application. The Loan Estimate discloses 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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Math Concepts
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