In everything I read regarding the 3-7-3 rule, it says the Loan Estimate has to be mailed out 7 days before consumation, which is true, but what if it's hand-delivered? Here's my specific question:

Could we issue an LE on Monday, deliver in person and obtain intent in person, issue a CD on Tuesday, and close on Friday? I don't see anything stating the 7-day wait when an LE is hand-delivered. If that were the case, if I hand-delivered the LE today, Tuesday and Wednesday would literally just be wasted time if we had to wait until we issued the CD on Thursday!

So if all of the disclosures were delivered in person, a loan can close in 5 business days, correct? This is a rare situation, as usually we're waiting on appraisals and title work between LE and CD, but I can't find anything stating it can't be done in 5 days.

(B) Except as set forth in paragraph (e)(1)(iii)(C) of this section, the creditor shall deliver or place in the mail the disclosures required under paragraph (e)(1)(i) of this section not later than the seventh business day before consummation of the transaction.

Not how i read that......it isn't about receipt of the LE, but just about delivery......7 business days must pass from delivery of the LE (regardless of the method of delivery) until the loan consummates. That's how i read it anyway.

2. Waiting period. The seven-business-day waiting period begins when the creditor delivers the disclosures or places them in the mail, not when the consumer receives or is considered to have received the disclosures. For example, if a creditor delivers the early disclosures to the consumer in person or places them in the mail on Monday, June 1, consummation may occur on or after Tuesday, June 9, the seventh business day following delivery or mailing of the early disclosures, because, for the purposes of § 1026.19(e)(1)(iii)(B), Saturday is a business day, pursuant to § 1026.2(a)(6).

Not unless the loan is secured by the borrower's interest in a timeshare unit.

A borrower can try to waive the three business-day waiting period after receipt of the closing disclosure, but can't waive the seven-day period before closing for provision or mailing of the loan estimate.