Finance
Under Regulation Z (Truth in Lending), a West Virginia lender must provide a borrower with the Loan Estimate within:
A1 business day after application
B3 business days after receiving a completed loan application✓ Correct
C5 business days after application
D7 days before closing
Explanation
Regulation Z (implementing TILA) requires lenders to provide the Loan Estimate to borrowers within 3 business days of receiving a completed loan application, giving borrowers time to compare loan offers.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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