Q: What are the general timing and delivery requirements for the Loan Estimate?
A: Generally, the creditor is responsible for ensuring that it delivers or places in the mail the Loan Estimate no later than the third business day after receiving the consumer’s application. Although see section 6.3 below regarding delivery of the Loan Estimate by a mortgage broker.
The Loan Estimate must also be delivered or placed in the mail no later than the seventh business day before consummation of the transaction. (See § 1026.19(e)(1)(iii)(B)). The seven-business-day waiting period is a TILA statutory waiting period that applies to the initial Loan Estimate provided after application, but does not apply to revised Loan Estimates. (See § 1026.19(e)(1)(iii)(B); Comment 19(e)(1)(iii)-2; and 1026.19(e)(4)(ii))
The creditor also is responsible for ensuring that the Loan Estimate and its delivery meet the content, delivery, and timing requirements discussed in sections 5, 6, 7, 8, and 9 of this Guide. (See §§ 1026.19(e) and 1026.37)