Final answer:
Under RESPA, the lender must make available a copy of the Closing Disclosure three business days before consummation.
Step-by-step explanation:
Under RESPA (Real Estate Settlement Procedures Act), the lender is required to provide a copy of the Closing Disclosure to the borrower at least three business days before the loan consummation. The Closing Disclosure is a five-page form that provides important details about the mortgage loan, including the loan terms, closing costs, and other relevant information.
This requirement is in place to ensure that borrowers have sufficient time to review the terms and fees associated with the loan before finalizing the transaction. By providing the Closing Disclosure in advance, borrowers have the opportunity to raise any concerns or questions they may have and to compare the disclosed terms with the loan estimate they received earlier in the mortgage process.
It is important for borrowers to carefully review the Closing Disclosure and seek clarification from their lender or loan officer if they have any doubts or need further explanation about the terms of the loan.