When must the loan estimate form be provided to consumers?

The loan estimate form is required to be provided to consumers within three business days after they submit a loan application. This requirement is established under the Truth in Lending Act and the Real Estate Settlement Procedures Act integration, aimed at ensuring that consumers receive detailed information about the estimated costs of their mortgage promptly. The three-day timeframe allows consumers to review and understand the terms of the loan, including interest rates, closing costs, and other relevant fees, before making an informed decision regarding their mortgage options. This timeline is crucial for providing transparency in the lending process, ultimately assisting consumers in comparing different loan offers effectively.