New Jersey Real Estate 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: The lender must provide a loan estimate within 3 business days of receiving the mortgage loan application, ensuring timely information for the buyer.
Option A is incorrect as "immediately" does not allow for the necessary processing time. Option C, "within 5 business days," exceeds the regulatory requirement, delaying the buyer's access to crucial loan details. Option D is also wrong; the loan estimate must be provided regardless of the appraisal status, as it focuses on initial loan terms rather than property valuation. Understanding these timelines helps buyers make informed decisions early in the home-buying process.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now