Florida Real Estate Sales Associate Examination Content OutlineReal Estate Closings and Post-ClosingMedium
A buyer received a Loan Estimate from their lender. According to TRID rules, how many business days must pass after the lender provides the Loan Estimate before the consumer can close on the mortgage loan?
- A1 business day
- B5 business days
- C3 business days
- D7 business days
Show answer & explanationAnswer & explanation
Correct answer: D. 7 business days
TRID rules require a minimum of seven business days between the time a consumer receives the Loan Estimate and the closing date. This allows the consumer sufficient time to review the disclosures.
Why the other options are wrong
- A. This is too short a period for proper review under TRID.
- B. This is not a standard TRID waiting period.
- C. This is the minimum waiting period between receiving the Closing Disclosure and closing, not the Loan Estimate.
TRID Loan Estimate Waiting Period
TRID (TILA-RESPA Integrated Disclosure) rules mandate a minimum 7-business-day waiting period between a consumer's receipt of the Loan Estimate and the loan closing.
- Ensures time for consumer review.
- Applies to most closed-end consumer mortgages.
- New Loan Estimate triggers a new 7-day wait if interest rate changes significantly.
Memory trick: TRID's time for disclosure: LE is seven, CD is three, so you can clearly see.