What is the minimum acceptable time for a lender to provide a loan estimate?

The minimum acceptable time for a lender to provide a loan estimate is set at 7 days. This requirement is specified under the TILA-RESPA Integrated Disclosure (TRID) rule, which mandates that lenders must deliver or make a loan estimate available to consumers within three business days after receiving a mortgage application. However, the key point here is that consumers must receive this estimate at least 7 days before closing on the loan, allowing them adequate time to review the terms, costs, and comparisons to other loan offers. This regulation is designed to ensure transparency and facilitate informed decision-making by borrowers during the home purchasing process.

In this context, longer periods such as 10 or 14 days, while they may offer additional time for review, are not the regulatory minimums. The option of 5 days does not meet the minimum requirement either, as it falls short of providing the necessary time frame set out by the law.