Virginia State Real Estate Exam Practice Question
The buyer completes a mortgage loan application... TRID rules require their lender to provide a loan estimate by hand, mail, or electronic delivery
Correct Answer: B
Rationale: Under TRID regulations, lenders are obligated to provide a loan estimate to borrowers within 3 business days of receiving a mortgage loan application. This timeframe ensures that buyers have timely access to crucial loan information, enabling informed decision-making.
Option A is incorrect as "immediately" does not allow for the necessary processing time. Option C extends the timeframe beyond the required 3 days, which does not comply with TRID. Option D is also wrong, as the loan estimate must be provided before the appraisal, not after, ensuring borrowers understand their loan terms before incurring additional costs.
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