After taking a loan application over the phone, what must occur within three business days?

After taking a loan application over the phone, the required actions within three business days include providing the borrower with key disclosures, specifically the Good Faith Estimate (GFE) and the Truth in Lending (TIL) Disclosure. This timeline is mandated under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), which aim to protect consumers during the mortgage application process.

The Good Faith Estimate informs borrowers about the estimated costs of their loan, helping them understand the financial obligations they will incur. The TIL Disclosure outlines key terms of the loan, including the annual percentage rate (APR), finance charges, and payment schedule, thus ensuring transparency regarding the loan's costs.

These disclosures must be provided promptly to give borrowers the necessary information to assess their options and make informed decisions. Therefore, option D is correct as it details the specific disclosures that must be delivered to the borrower within the mandated timeframe, aligning with federal regulations governing mortgage transactions.