New Jersey Real Estate License Exam 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 TRID rules, lenders are required to provide a loan estimate within 3 business days of receiving a mortgage loan application. This timeframe ensures that borrowers have timely access to essential information about loan terms and costs, facilitating informed decision-making.
Option A, "immediately," is incorrect as it does not account for the necessary processing time after receiving the application. Option C, "within 5 business days," exceeds the regulatory limit, delaying crucial information for the borrower. Option D, "after the appraisal has been completed," is also wrong, as the loan estimate must be provided before the appraisal, not contingent upon it.
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