If your loan is approved, on the terms you requested the creditor is required to provide a Loan Estimate within 3 business days.
If they determine that your application will not or cannot be approved they do not have to provide a Loan Estimate.
Likewise, if you withdraw your loan application within that period they do not have to provide the Loan Estimate.
However, if the creditor does NOT supply the Loan Estimate in the required time approving and issuing the loan later under your original application terms will make them non-compliant with TRID Regulation Z.
TitleTap
TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
Latest posts by TitleTap (see all)
- The Hidden Costs of Building & Hosting Your Own Website - September 21, 2020
- 7 creative marketing ideas for business law attorneys - September 14, 2020
- 8 creative marketing ideas for bankruptcy attorneys - September 2, 2020
