Question

How many business days before loan consummation is a borrower entitled to see a revised Closing Disclosure that did not trigger an additional 3-day waiting period?

A) 3 business days
B) 2 business days
C) 1 business day
D) 0 business days

Answer 1

A borrower is entitled to review the revised Closing Disclosure, which does not trigger an additional 3-day waiting period, at least 0 business days before loan consummation.

Step-by-step explanation:

If a borrower receives a revised Closing Disclosure that does not trigger an additional 3-day waiting period, the borrower is entitled to review the revised Closing Disclosure at least 0 business days before loan consummation. This means the revised disclosure must be provided to the borrower for review on or before the day of loan consummation. Notably, certain changes require a new 3-day review if they occur after the initial Closing Disclosure has been provided, such as an APR increase beyond the legal tolerance, a change in loan product, or the addition of a prepayment penalty. If such changes arise, the three-business-day waiting period applies again.