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#1725954 - 08/01/12 05:10 PM GFE and one day disclosure
SouthernBanker Offline
100 Club
Joined: Aug 2011
Posts: 105
Hi -

If a revised GFE has to be provided one day before closing - how do you count the days. Example: Borrower receivse revised disclosure on Monday, can they close on Tuesday or do they have to wait until Wednesday.

Also, where in RESPA does it say that the borrower has to receive a revised GFE at least one day prior to closing?

Thanks for your help!

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Lending Compliance
#1725964 - 08/01/12 05:24 PM Re: GFE and one day disclosure SouthernBanker
ComplianceGrl15 Offline
Gold Star
Joined: Apr 2011
Posts: 257
West Virginia
I've always heard that the borrower could receive the revised GFE at closing.

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#1725966 - 08/01/12 05:26 PM Re: GFE and one day disclosure SouthernBanker
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
If you provide the revised GFE in person you can close on the day you provide it to the consumer.

Also, where in RESPA does it say that the borrower has to receive a revised GFE at least one day prior to closing?

Nowhere. There is no waiting period when the revised GFE is presented in person. You can literally provide it at the closing table and as long a the borrower accepts it you're good to go.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1725968 - 08/01/12 05:28 PM Re: GFE and one day disclosure SouthernBanker
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
AVL, you may be thinking about the borrower having the right to review the HUD 24 hours in advance of closing.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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