Q: When does the creditor have to provide the Loan Estimate to the consumer?
A: The Loan Estimate must be delivered or placed in the mail to the consumer no later than the third business day after the creditor receives the consumer’s application for a mortgage loan. (§ 1026.19(e)(1)(iii)(A)). (See definitions of application and business day below at sections 6.6 and 6.14). If the Loan Estimate is not provided to the consumer in person, the consumer is considered to have received the Loan Estimate three business days after it is delivered or placed in the mail. (§ 1026.19(e)(1)(iv))
For construction loans, the timing for delivering or placing the Loan Estimate in the mail depends on when the creditor receives the application for the construction phase, the permanent phase, or both phases. See section 14.3 for more information about when a creditor must provide the Loan Estimate for construction loans. (Comment 19(e)(1)(iii)-5)