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#2210653 - 04/09/19 01:41 PM Closing Delayed after CD Issued
NE Wx Forecast - Frosty Offline
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NE Wx Forecast - Frosty
Joined: Mar 2011
Posts: 441
SE, Nebraska
We were set to close last Friday. The CD had been properly delivered. Customer delayed the closing without setting a new date. Today, he calls and says he's ready to close now (today). Of course the CD date needs to be updated along with small changes in the numbers. Are we now required to wait at least until tomorrow as long as we give him the opportunity to review it today? Or can we simply close today? I've not ever seen this covered in any timing scenarios.

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#2210654 - 04/09/19 01:51 PM Re: Closing Delayed after CD Issued NE Wx Forecast - Frosty
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,618
Galveston, TX
Unless there is some State law requirement, a CD only has to be available for review by the consumer one day prior to closing upon request. There is no specific requirement that they actually review it.
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#2210658 - 04/09/19 02:04 PM Re: Closing Delayed after CD Issued NE Wx Forecast - Frosty
NE Wx Forecast - Frosty Offline
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NE Wx Forecast - Frosty
Joined: Mar 2011
Posts: 441
SE, Nebraska
Thanks RL! I take that you mean, the guidance is saying that any changes to the CD (like what I describe - date, small numbers changes associated with the date change), fall into the definition of Inaccurate. So we wait until tomorrow. Sigh. My advice to the loan officer is to pick a new date and plan on it next time.

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#2210661 - 04/09/19 02:59 PM Re: Closing Delayed after CD Issued NE Wx Forecast - Frosty
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,653
The Swamp
YOu don't have to wait unless, as Randy states, the customer specifically requests it.
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