How the borrower can get the Loan Estimate?
The Loan Estimate, or LE for short, is one of the most important documents that a lender company must first give to a borrower. In this document, the amount of the loan, the interest on the loan, the amount of the monthly payment, the limits of the home insurance, the limits of the home tax, and the expenses that are charged to get the loan are determined by the lender.
The borrower has the right to accept and sign this LE document or to reject it. as signing the Loan Estimate document by the borrower, the lender sends the Intend to proceed document to the borrower, and after being signed by the borrower, the lender begins the lending process.
If the borrower does not sign the Loan Estimate document, the lender will send a letter to the borrower asking him to assign his case within 30 days. If the borrower does not respond within 30 days of receiving this letter, the lender has the legal right to close the loan application. If the borrower intends to receive a loan from this lending company, he must file again.
On the other hand, the lender is obliged to send the Loan Estimate certificate to the loan applicant within three working days from the receipt of the loan application form (Lona Application) if the loan is accepted or the Denial Letter stating the reason.
A business day is also a day when the lender's office is open and its employees come to work. That is, if the company is open on Saturday and its employees come to work, that day is considered a working day for them.
This rule is so that the lender or the borrower do not delay each other and people who are serious in their work, pursue their work quickly.