MLOs are required to provide disclosures within how many business days of a completed application?

Mortgage Loan Originators (MLOs) are mandated by the Truth in Lending Act (TILA) to provide certain disclosures within three business days of receiving a completed application. This requirement is designed to ensure that borrowers are fully informed about the costs and terms of their mortgage loan as early as possible in the process, allowing them to make informed decisions.

A completed application is generally defined as having all necessary information that a creditor would need to make a credit decision, which typically includes details like the borrower's name, income, social security number, property address, and the loan amount sought. Once the application is deemed complete, the three-day timeline to deliver key disclosures, such as the Loan Estimate, begins. Providing these disclosures in a timely manner is critical for compliance with regulatory requirements and fostering trust in the lending process.