New Jersey Real Estate Practice Exam Free Practice Question
The buyer completes a mortgage loan application to purchase a home. TILA-RESPA Integrated Disclosure (TRID) rules require their lender to provide a loan estimate by hand, mail, or electronic delivery
Correct Answer: B
Rationale: Under TILA-RESPA Integrated Disclosure (TRID) rules, lenders are required to provide a loan estimate to buyers within 3 business days of receiving a mortgage loan application. This timeframe ensures that borrowers have timely access to key loan information, allowing them to make informed decisions.
Option A is incorrect because "immediately" does not allow for the necessary processing time. Option C is wrong as it extends the timeframe beyond the established 3 days. Option D is misleading, as the loan estimate must be provided regardless of the appraisal status, focusing instead on the application date.
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