Once you have supplied these 6 facts to a lender, the clock is started for them to return a Loan Application within 3 business days:
- Loan Amount
- Estimated Property Value
- Property Address
- Your Name(s)
- Your Social Security Number(s)
- Your Income
Lenders are free to collect additional information based on their loan application processes, but are not free to change the 3 business day deadline. Once these 6 facts are accepted in an application, lenders are required to respond on time.