Which of the following is NOT a requirement when applying for a loan over the phone?

When applying for a loan over the phone, there are specific regulatory requirements that lenders must adhere to, aimed at ensuring transparency and protection for the borrower. The requirement stating that a confirmation of receipt of the application must be sent within three days is mandated by federal law, ensuring that the borrower is acknowledged and informed about their application status. Additionally, borrowers must receive a Good Faith Estimate within three days of their application, which is a critical document that outlines the expected costs associated with the loan. This requirement helps borrowers understand the terms of their mortgage and any associated fees before moving forward.

The verification of the lender's valid license is also essential, as it ensures that the lender is authorized to operate and lend in the specific jurisdiction, contributing to fair lending practices.

However, there is no federal requirement dictating that the application must be completed within a specific timeframe, such as five minutes. This means that while it may speed up the process for efficiency, there is no obligation to finalize the application within that time frame, making it the correct response for this question.