CD disclosed as Refinance s/b Purchase

Posted By: Likes to Comply

CD disclosed as Refinance s/b Purchase - 01/26/17 04:40 PM

If the purpose is disclosed incorrectly and is discovered after closing, must a corrected CD be provided? Would it be considered a clerical error and have a 60-day timing?

Thanks in advance for the help.
Posted By: Cheli

Re: CD disclosed as Refinance s/b Purchase - 01/26/17 06:13 PM

My FI does count it as clerical, and will deliver a revised CD. We include a cover letter explaining why the consumer is receiving a revised CD.