What is a "duplicate loan estimate" in mortgage lending?

A "duplicate loan estimate" refers to a copy of the original loan estimate that is sent to a borrower upon their request. This document contains the same information as the initial loan estimate provided to the borrower, ensuring that they have multiple copies for their records or to share with others. The purpose of offering a duplicate loan estimate is to maintain transparency and ensure that borrowers have clarity on the terms and conditions of their mortgage.

This term highlights the importance of borrower access to information in the mortgage process, aligning with regulatory requirements for clear communication in lending practices. Providing a duplicate allows borrowers to have easy access to important financial information without needing to sift through their original documents or risk losing them.

Other options do not accurately define a duplicate loan estimate. A revised loan estimate would imply changes to the original terms, a simplified loan summary is not a standard term in mortgage documents, and a final loan assessment refers to a different stage in the lending process, typically occurring after a loan has been finalized, rather than at the initial estimate stage.