Skittles is correct. This comes from 1002.14(a)(1) as follows:"An applicant may waive the timing requirement in this paragraph (a)(1) and agree to receive any copy at or before consummation or account opening, except where otherwise prohibited by law."
In addition, comment 6(ii) to 1002.14(a)(1) says the following:"In addition, under § 1002.14(a)(1) the applicant still must receive the copy of the revision at or prior to consummation or account opening."
This applies to all 1-4 family related transactions.
Correct. The rule says it applies to any loan secured by a first lien on a dwelling. A dwelling is defined as "a residential structure that contains one to four units whether or not that structure is attached to real property" and includes business purpose loans.
Adam Witmer, CRCM
All statements are my opinion, not those of my employer, and should not be taken as legal advice.www.compliancecohort.com