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Under the provisions of the federal Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), a lender must provide a borrower with the Closing Disclosure at least _________ prior to loan consummation.
Suggested Answer: B
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TILA-RESPA Integrated Disclosure rules (TRID) require that the Closing Disclosure be delivered to the consumer no later than 3 business days before consummation of the loan. This mandates a three-business-day review period for borrowers before finalizing the loan---making option B correct.
31 comments · newest first
CA
Cammy
12 days ago
Definitely 3 business days. TILA is strict about that.
LA
Lanie
18 days ago
I remember it being 3 calendar days. Confusing!
SH
Shanice
23 days ago
I agree, 3 business days gives time to review.
PE
Pete
28 days ago
I think it's 3 business days. Seems reasonable.
LA
Lavonna
1 month ago
Definitely 3 business days. Gives time to understand the terms.
WE
Weldon
1 month ago
I remember it being 3 calendar days. It’s crucial for borrowers.
RE
Reena
1 month ago
I agree, 3 business days makes sense for review.
LE
Lemuel
2 months ago
I think it's 3 business days. Seems reasonable.
VA
Vallie
2 months ago
I'm leaning towards 1 business day. Quick is better!
KR
Kristel
2 months ago
Definitely 3 calendar days. TILA is strict about timing.
EV
Evangelina
2 months ago
I agree, 3 business days gives time to review.
KR
Krystina
2 months ago
I think it's 3 business days. Seems reasonable.
LA
Lauran
2 months ago
Yep, 3 business days is the rule!
LA
Lavonda
3 months ago
Wait, are you sure? That seems like a short time!
TA
Tammy
3 months ago
Definitely 3 business days, no doubt about it.
GW
Gwenn
3 months ago
I thought it was 3 calendar days?
GE
Gertude
3 months ago
It's 3 business days!
CL
Claudio
3 months ago
Yup, 3 business days is the rule!
CL
Clay
4 months ago
Wait, are you sure? That seems like a short time!
AV
Avery
5 months ago
Definitely 3 business days, no doubt about it.
CA
Cathern
5 months ago
I thought it was 3 calendar days?
BO
Bong
5 months ago
It's 3 business days!
TH
Thurman
6 months ago
Yeah, TILA is strict about that timeline!
RO
Rodney
6 months ago
Wait, are you sure? That seems like a short time!
ST
Stefan
6 months ago
Definitely 3 business days, no doubt about it.
AN
Anabel
6 months ago
I thought it was 3 calendar days?
TU
Tu
6 months ago
It's 3 business days!
DA
Danica
6 months ago
I thought it was 7 calendar days, but that seems too long. I should have reviewed this section more!
RO
Roxanne
7 months ago
I’m pretty sure it’s 3 business days, but I could be wrong. I need to double-check my notes.
BE
Benedict
7 months ago
I remember practicing a question about TILA and RESPA, and I feel like the answer was 3 calendar days.
HA
Han
7 months ago
I think it's 3 business days, but I might be mixing it up with something else we studied.