Finance
The 'good faith estimate' under RESPA has been replaced by the Loan Estimate (LE) for most mortgages. The Loan Estimate must be provided to the borrower within:
A1 business day of application
B3 business days of a completed loan application✓ Correct
C5 business days of application
D7 business days of application
Explanation
Under the TRID rule (effective October 2015), lenders must provide the Loan Estimate within 3 business days of receiving a completed loan application for most residential mortgages.
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