Finance
Which federal law requires lenders to provide Vermont borrowers with a Loan Estimate within 3 business days of receiving a complete loan application?
ARESPA (Real Estate Settlement Procedures Act)
BTRID (TILA-RESPA Integrated Disclosure rule)✓ Correct
CHMDA (Home Mortgage Disclosure Act)
DECOA (Equal Credit Opportunity Act)
Explanation
TRID (the TILA-RESPA Integrated Disclosure rule, effective October 2015) requires lenders to provide a Loan Estimate within 3 business days of receiving a complete application. The Loan Estimate replaced the former Good Faith Estimate (GFE) and early TILA disclosure.
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