A revised loan estimate may be provided if an applicant waits more than how many days to indicate intent to proceed?

A revised loan estimate may be provided if an applicant waits more than 10 business days to indicate their intent to proceed with the loan application. This timeframe is important because it ensures that the lender can maintain accurate and current information relevant to the loan terms, interest rates, and fees.

The essence of the Regulation Z under the Truth in Lending Act mandates that if an applicant does not respond within a specified period, lenders can update their estimates to reflect any market changes and other factors that might impact the loan proposal. A delay in communicating the intent to proceed suggests the applicant may not be actively engaged, prompting the lender to revise the loan estimate accordingly. This policy aims to protect both the lender and the borrower by enabling more precise and up-to-date disclosures in the loan process.