Final answer:
A closing disclosure must be delivered at least three business days before the closing of a mortgage loan transaction.
Step-by-step explanation:
A closing disclosure must be delivered to the borrower at least three business days before the closing of a mortgage loan transaction. This requirement is specified by the Truth in Lending Act (TILA), which is a federal law designed to protect consumers in credit transactions.
The purpose of providing the borrower with the closing disclosure in advance is to give them enough time to review the final terms and costs of the loan, ensuring transparency and preventing any last-minute surprises.