Finance
RESPA (Real Estate Settlement Procedures Act) requires lenders to provide buyers with a Loan Estimate within how many business days of receiving a loan application?
A1 business day
B3 business days✓ Correct
C5 business days
D10 business days
Explanation
RESPA requires lenders to provide the Loan Estimate to a borrower within 3 business days of receiving a completed loan application. This document summarizes the loan terms, projected monthly payments, and estimated closing costs.
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