If the revised Loan Estimate is mailed, how many business days before consummation must it be placed in the mail?

If the revised Loan Estimate is mailed, how many business days before consummation must it be placed in the mail?

• A. 5 business days
• B. 6 business days
• C. 7 business days
• D. 8 business days

Answer: (C)

The correct choice reflects the requirements set by the TILA-RESPA Integrated Disclosure (TRID) rule, which outlines the procedure for issuing a revised Loan Estimate. According to these regulations, if a revised Loan Estimate is sent to the borrower, it must be placed in the mail at least seven business days prior to the loan consummation date. This timeframe ensures that borrowers have adequate time to review the terms and make informed decisions about their mortgage, which is crucial for consumer protection. This seven-day requirement emphasizes the importance of transparency in the lending process, allowing consumers to understand any changes to their loan estimates well enough in advance to ask questions or reconsider their options if necessary. It helps prevent any surprises at the closing table and is part of the overall regulatory framework aimed at ensuring clear communication between lenders and borrowers.

The correct choice reflects the requirements set by the TILA-RESPA Integrated Disclosure (TRID) rule, which outlines the procedure for issuing a revised Loan Estimate. According to these regulations, if a revised Loan Estimate is sent to the borrower, it must be placed in the mail at least seven business days prior to the loan consummation date. This timeframe ensures that borrowers have adequate time to review the terms and make informed decisions about their mortgage, which is crucial for consumer protection.

This seven-day requirement emphasizes the importance of transparency in the lending process, allowing consumers to understand any changes to their loan estimates well enough in advance to ask questions or reconsider their options if necessary. It helps prevent any surprises at the closing table and is part of the overall regulatory framework aimed at ensuring clear communication between lenders and borrowers.