Loan Officer Practice Exam 2025 – Comprehensive All-in-One Guide for Exam Success!

Under the TILA-RESPA Integrated Disclosure (TRID) rule, a consumer must receive a revised Loan Estimate at least four business days prior to the consummation of the loan. This requirement is intended to ensure that borrowers have adequate time to understand and review any changes to the loan terms, which can significantly impact their decision-making process.

The four-business-day timeframe provides consumers with a clear and fair opportunity to evaluate any revisions made to the terms of their loan, including changes to interest rates, monthly payments, or closing costs. This protects consumers from any last-minute surprises that could arise at the closing table.

Understanding this timeline is crucial for compliance with TRID regulations and ensures that loan officers uphold the transparency and fairness principles that the rule aims to enforce. This reaffirmation of consumer rights before closing is central to maintaining trust in mortgage transactions.