Final answer:
The creditor is ultimately responsible for ensuring that the Loan Estimate is provided to the borrower within three business days of a mortgage application. This responsibility is part of the creditor's obligations under federal law.
Step-by-step explanation:
The individual who is ultimately responsible for ensuring that the Loan Estimate is provided is the creditor. The Loan Estimate is a document that outlines the key terms and estimated costs associated with a mortgage loan. It is a standard form that is provided to the borrower within three business days after they submit a mortgage application, as required by federal law under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). It's important to note that while mortgage brokers or mortgage loan originators may be involved in the process, they do not hold the ultimate responsibility for providing the Loan Estimate. Creditors, typically banks or other financial institutions that provide the loan, have this obligation.
Ways a borrower can reassure a bank regarding their loan repayment may include providing detailed income information, agreeing to a credit check, using a cosigner, or providing collateral such as property or equipment.