Finance
RESPA requires lenders to provide borrowers with a Loan Estimate within how many business days of receiving a loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D7 business days
Explanation
Under TRID (RESPA/TILA), lenders must provide the Loan Estimate within 3 business days of receiving a complete loan application. The Loan Estimate replaced the Good Faith Estimate (GFE).
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