Within how many days must a borrower receive a Loan Estimate after applying for a loan?

A borrower must receive a Loan Estimate within three business days after applying for a loan. This requirement is established by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), which were integrated under the TILA-RESPA Integrated Disclosure (TRID) rule. The purpose of this timeline is to ensure that borrowers have timely access to essential information about the loan terms, including interest rates, monthly payments, and closing costs, to make informed decisions early in the mortgage process. Providing this information within three business days ensures transparency and helps borrowers compare options effectively.