When must lenders provide the Loan Estimate after receiving an application?

• A. Within 30 days of receiving the complete application.
• B. On the day of application.
• C. Within three business days of receiving a complete application.
• D. At closing.

Answer: (C)

Lenders must provide the Loan Estimate within three business days after receiving a complete application. A complete application is when the borrower has given six key items: name, income, Social Security number (to pull credit), property address, estimated property value, and the loan amount requested. Once those are on file, the clock starts, and the Loan Estimate can be delivered by mail, electronically, or in person within three business days. Remember, three business days counts weekdays and bank business days; if the third day falls on a weekend or federal holiday, the disclosure must be provided by the next business day. This timing ensures borrowers receive early, clear cost information to compare loan terms.

The other options don’t fit because the estimate isn’t required to be issued on the day of application, and it isn’t delayed until closing or tied to a 30-day window.