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#2042142 - 10/02/15 03:11 PM Revised Closing Disclosure Timing to Close
NU Rhules Offline
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NU Rhules
Joined: Mar 2011
Posts: 476
SE, Nebraska
Similar to Rol Tyde's question below..... Research does not turn up any answers for this seemingly simple issue.

Assuming no 3-day tolerance issues arise, but something changes requiring us to issue a revised closing disclosure. What day can we close? Monday? Tuesday?
On Monday - we notice something requiring the change and update the closing disclosure. We call the customer the same day and tell them we have to give them an updated CD.

What's confusing me is the Regulation 1026.19(f)(2)(i) says "The borrower must be allowed to review the (revised) CD on the business day (general) before consummation." That means closing to us. Then it goes on to say, "...a revised CD must be received by the borrower at or before consummation." The first quote tells me make it available the day prior and the second quote says you can revise the CD the day of closing. Which is correct?????

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TRID - TILA/RESPA Integrated Disclosures Rule
#2042146 - 10/02/15 03:19 PM Re: Revised Closing Disclosure Timing to Close NU Rhules
Compl101TX Offline
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Compl101TX
Joined: Aug 2010
Posts: 378
W. TX
Both are I think. You have to make it available for inspection the day before consummation but can provide it at consummation.
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#2042159 - 10/02/15 03:40 PM Re: Revised Closing Disclosure Timing to Close Compl101TX
Carolina Blue Offline
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Carolina Blue
Joined: Jul 2005
Posts: 961
Lost in a regulatory fog
Agree, I think that just mirrors the existing HUD Settlement Statement rules. The borrower has the right to "inspect" the document one business day before closing, but it's always given at closing.

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