CUCE Mortgage Lending Practice Test

The written list of service providers must be delivered within three business days of the mortgage application. This requirement is designed to ensure that borrowers receive timely information about potential service providers they might use, such as appraisers, title companies, and home inspectors. This transparency helps borrowers make informed decisions and compare different service providers.

The three-day timeframe is set forth in the Real Estate Settlement Procedures Act (RESPA), which aims to protect consumers from unnecessary fees and promote fair dealing in the home-buying process. By adhering to this regulation, lenders demonstrate their commitment to providing consumers with the necessary information they need during the mortgage process, thereby enhancing consumer protection and ensuring ethical practices in lending.