Under the New Jersey Residential Mortgage Lending Act, when must a borrower's truth-in-lending disclosures be provided?

The borrower’s truth-in-lending disclosures must be provided within three business days after the application is submitted due to requirements set forth in federal regulations, which the New Jersey Residential Mortgage Lending Act adheres to. This timeline ensures that borrowers receive essential information regarding the costs of their mortgage in a timely manner, enabling them to make informed decisions about their loan options.

Providing these disclosures within three business days allows borrowers to understand the terms, interest rates, and fees associated with the mortgage, which are critical for comparing lending options. Prompt disclosure is a part of consumer protection measures intended to promote transparency in lending practices, ensuring that consumers are well-informed before proceeding further in the mortgage process.

While other timing options may seem feasible, none align with the federally mandated timeframe for disclosure, which is specifically designed to protect borrowers and enhance their understanding of mortgage terms and obligations.