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#2114864 - 01/20/17 02:42 PM New Waiting Period??
perplexed1 Offline
100 Club
Joined: Apr 2010
Posts: 103
Issued revised loan estimate due to new loan amount. When proofing the CLOD, before issuing to the customer, noticed APR was out of tolerance. The error was on the loan estimate, which did not calculate correctly. Plan to issue a new LE 4 days from consummation and then a CLOD the next day, with the standard waiting period to close. Does this violate timing? I cannot find where there should be 3 more days added after the corrected LE, pushing consummation out 7 days. Scratching my head still.

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#2114880 - 01/20/17 03:10 PM Re: New Waiting Period?? perplexed1
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,358
Galveston, TX
There are no APR tolerance requirements between an LE and a CD. It is only if the APR changes after your issue your initial CD.
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#2114884 - 01/20/17 03:21 PM Re: New Waiting Period?? perplexed1
perplexed1 Offline
100 Club
Joined: Apr 2010
Posts: 103
Does the incorrect LE need to be corrected and given to the customer?

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#2114932 - 01/20/17 04:15 PM Re: New Waiting Period?? perplexed1
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Originally Posted By perplexed1
Does the incorrect LE need to be corrected and given to the customer?
No.
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