Finance
The Truth in Lending Act (TILA) requires lenders to provide the Loan Estimate to a borrower within 3 business days of:
AThe loan closing
BReceiving a completed loan application✓ Correct
CThe property appraisal
DIssuing pre-approval
Explanation
TILA (Regulation Z)/TRID requires the Loan Estimate to be delivered within 3 business days of receiving a completed application (defined by 6 required pieces of information). The LE discloses key loan terms, estimated closing costs, and projected payments.
Related Utah Finance Questions
- A loan origination fee of 2 points on a $300,000 mortgage equals:
- TILA (Truth in Lending Act) requires lenders to disclose to Utah borrowers:
- A buyer who receives their Closing Disclosure at 5:00 PM on a Monday may close no earlier than:
- Utah's homestead exemption protects a portion of a primary residence's equity from:
- The debt-to-income (DTI) ratio used by mortgage lenders measures:
- Utah's Real Estate Settlement Procedures Act (RESPA) Section 9 prohibits sellers from requiring buyers to use:
- Utah usury laws set limits on:
- The Dodd-Frank Act's 'Qualified Mortgage' (QM) standards require lenders to:
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →