Regarding redisclosure and timing of the early TIL's...
I am not understanding an example which was provided at the Triage event:
Example 4 states that an early TIL was mailed on 8/12/09. A problem with the APR was discovered on 8/13/09 and a revised disclosure was delivered in person on the 13th. Consummation could occur on 8/18 (by which time both the 3-day period after receipt of the revised disclosures and the 7-day waiting period will have expired).
I don't understand how consummation could occur on the 18th. I thought that both the original 7-day waiting period and the new 3-day waiting period needed to expire before the loan could be closed.
Regarding redisclosure and timing of the early TIL's...
I am not understanding an example which was provided at the Triage event:
Example 4 states that an early TIL was mailed on 8/12/09. A problem with the APR was discovered on 8/13/09 and a revised disclosure was delivered in person on the 13th. Consummation could occur on 8/18 (by which time both the 3-day period after receipt of the revised disclosures and the 7-day waiting period will have expired).
I don't understand how consummation could occur on the 18th. I thought that both the original 7-day waiting period and the new 3-day waiting period needed to expire before the loan could be closed.
What am I missing?
I agree with you. Seven days from 08-12 would be 08-20. Three days from re-disclosure (08-13) would be 08-17. So consummation could not possibly take place until 08-20.
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