Finance
Washington's consumer protection laws require mortgage lenders to provide borrowers with the Loan Estimate within 3 business days of application. If the lender provides it late, the borrower's primary remedy is:
AAutomatic loan approval
BThe ability to file a complaint with the CFPB and potentially seek damages for regulatory violations✓ Correct
CFree rate reduction by the lender
DAutomatic contract rescission
Explanation
Failure to provide the Loan Estimate within 3 business days is a TRID violation. Borrowers may file complaints with the CFPB, and lenders may face regulatory penalties. Borrowers may also have civil remedies for damages caused by the disclosure failure.
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