Do Lenders HAVE To Approve Mortgage Loan Applications In 3 Days?

If the loan you requested is authorized by the lender, on the terms you asked for, a Loan Estimate must be returned to you in 3 business days.

However, if the lender decides that the loan is not approved, they do not need to supply the Loan Estimate form.

In addition, if you withdraw the mortgage application within the 3-day period, they do not have to supply the Loan Estimate.

Bottom line — if a loan is approved and the lender does not provide the Loan Estimate in 3 business days, the lender is not remaining compliant with TRID Regulation Z.

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