Tillie and Sarah are right. You CANNOT close the loan without providing the HOEPA disclosure and THEN waiting 3 business days to close. Here's a short excerpt out of our Advanced Lending Manual:
Requirements for HOEPA Loans: [§226.32(c)]
If you determine that a loan is covered by HOEPA, you must provide a clear and conspicuous disclosure to each consumer who has the right to rescind so that it is received by the borrower 3 days prior to closing [see §226.31(c) and the Commentary to this section and §226.31(e)].
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Did you notice that the HOEPA notice had to be received by the borrowers and then you wait. You can't mail it to them and close 3 days later. Reg Z is very specific that it must be in their hands before you start counting.
Now, here's some good news (although very technical): The 3 days isn't quite the same as the Right of Rescission (RofR). You can close the loan ON the 3rd day after giving the HOEPA notice. For instance:
You give the HOEPA disclosure on Monday. You can close the loan on Thursday (the 3rd day). Then the RofR applies. You advance the loan proceeds on Tuesday - at the earliest (Friday, Saturday, Monday = 3 business days).