Which document must be generated three business days after a mortgage application?

The correct answer is the Loan Estimate. This document is crucial in the mortgage lending process as it provides borrowers with important details about the loan they are applying for. The Loan Estimate outlines key terms, estimated monthly payments, the interest rate, and the total estimated closing costs, allowing borrowers to better understand the financial implications of their mortgage options.

The requirement to generate the Loan Estimate within three business days of receiving a mortgage application is mandated by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). This timeframe ensures borrowers have access to vital information early in the loan process, facilitating informed decision-making.

The other documents listed serve different purposes. For example, the Closing Disclosure is provided closer to the closing date and reflects the final terms of the loan, while the Final Agreement is typically executed at the closing and signifies the formal acceptance of all terms by both parties. The Real Estate Purchase Contract outlines the terms of the sale of the property but is not specifically tied to the mortgage application timeline.