In how many business days should the buyer receive the closing disclosure?

The correct response indicates that the buyer should receive the closing disclosure at least three business days before the scheduled closing date. This requirement is established under the TILA-RESPA Integrated Disclosure (TRID) rules, which were implemented to provide greater transparency and protect consumers in the lending process.

By mandating that the closing disclosure be delivered three days in advance, the regulation allows buyers sufficient time to review the final loan terms, costs, and other critical information related to their mortgage transaction. This aim is to ensure that buyers are fully informed and can address any questions or concerns prior to closing, reducing the likelihood of last-minute surprises or issues.

The three-day notice is crucial because it helps facilitate a smoother closing process, ensuring that all parties involved have had adequate time to prepare and that the buyer understands their financial commitments.