How many days does a purchaser have to provide a notice after acquiring a mortgage loan?

The correct answer is 30 days because, under the Truth in Lending Act (TILA), a borrower is required to receive a notice regarding their mortgage loan within 30 days of the loan being acquired. This notice serves to inform the borrower about important loan details, including the loan terms and the borrower's rights, ensuring transparency and protection of the consumer's interests.

This timeframe is important for the borrower as it allows them to understand their obligations, payment amounts, and any other relevant information associated with the loan. Adherence to this 30-day notification requirement helps to establish clear communication between lenders and borrowers, fostering an environment of accountability and informed decision-making in residential mortgage lending.