Question

How many business days from the day of application does the creditor have to deliver the Loan Estimate?

A. 1 business day.
B. 2 business days.
C. 3 business days.
D. 4 business days.

Answer 1

The creditor has 3 business days from the day of application to deliver the Loan Estimate, according to the Truth in Lending Act (TILA).

Step-by-step explanation:

The creditor has 3 business days from the day of application to deliver the Loan Estimate.

This is governed by the Truth in Lending Act (TILA), which requires creditors to provide borrowers with certain disclosures within a specific timeframe.

Delivering the Loan Estimate within 3 business days allows borrowers to have enough time to review the terms of the loan and make an informed decision.