How many days are allowed to mail the Loan Estimate (LE) after ALIENS is collected?

How many days are allowed to mail the Loan Estimate (LE) after ALIENS is collected?

• A. 3 general days
• B. 5 days
• C. 7 days
• D. 1 day

Answer: (A)

The timing hinges on how TRID handles disclosure after a file is considered an application. ALIENS is the checklist that marks a complete application: Address, Loan amount, Income, Estimated value, Name, and Social Security number. Once those items are collected and the application is complete, the lender must provide the Loan Estimate within three business days. The clock counts only business days, not weekends or federal holidays, and it begins when the complete ALIENS information is gathered. So, in practice, you calculate three business days after receipt of a complete application, and the LE may be mailed or delivered by the end of that period. For example, if the complete application is obtained on Thursday, the LE would need to be mailed by the end of the third business day (Thursday, Friday, then Monday).

The timing hinges on how TRID handles disclosure after a file is considered an application. ALIENS is the checklist that marks a complete application: Address, Loan amount, Income, Estimated value, Name, and Social Security number. Once those items are collected and the application is complete, the lender must provide the Loan Estimate within three business days. The clock counts only business days, not weekends or federal holidays, and it begins when the complete ALIENS information is gathered. So, in practice, you calculate three business days after receipt of a complete application, and the LE may be mailed or delivered by the end of that period. For example, if the complete application is obtained on Thursday, the LE would need to be mailed by the end of the third business day (Thursday, Friday, then Monday).