How many days before consummation must a borrower receive a revised Loan Estimate?

How many days before consummation must a borrower receive a revised Loan Estimate?
A . 4 business days
B . 5 business days
C . 7 business days
D . 10 business days

View Answer

Answer: C

Explanation:

Under TILA-RESPA Integrated Disclosure (TRID) rules, borrowers must receive the Loan Estimate (LE) at least 7 business days before consummation of the loan. This rule allows borrowers ample time to review the terms and costs of the mortgage before closing.

If a revised Loan Estimate is issued due to changes in circumstances (e.g., interest rate changes, property changes), the borrower still needs to receive it no later than 7 business days before consummation.

References:

TRID (TILA-RESPA Integrated Disclosure Rule), 12 CFR §1026.19(f)

CFPB Loan Estimate Requirements