Final answer:
A lender has 60 days to provide a revised Closing Disclosure to correct post-consummation numerical errors. This is part of the regulatory requirements managing the transparency and accuracy of mortgage agreements, assuring that any discrepancies post-consummation are addressed promptly. Option C is correct answer.
Step-by-step explanation:
A lender has a legal obligation to provide a revised Closing Disclosure in the event of certain changes occurring after consummation, especially if these changes result in numerical errors. The timing for providing this revised disclosure is mandated by specific regulations. According to the Consumer Financial Protection Bureau (CFPB), a lender is required to provide a corrected disclosure within a specific timeline.
The question focuses on the timeframe for the lender to correct post-consummation numerical errors on the Closing Disclosure. This is a detailed regulation issue related to financial transactions, specifically mortgages. It's important for both lenders and consumers to understand the intricacies of mortgage agreements. Mortgages often span 15 years, or 30 years, and involve understanding the terms associated with credit and disclosures.
In terms of the timeframe for correcting these numerical errors, the correct option is C) 60 days. Lenders have 60 days after the consummation of the loan to correct and provide a revised Closing Disclosure. This requirement ensures that any post-consummation discrepancies in the financial details of the loan are addressed promptly and accurately.