Closed loan before 7 business day waiting period

Posted By: Banker Chick

Closed loan before 7 business day waiting period - 08/08/12 06:55 AM

I am auditing a RESPA loan where the GFE and early truth in lending disclosures were provided 5 business days before closing instead of 7. There was not change in circumstances.

What are the consequences of this in terms of a cure?

Can someone point me to the specific section of regulation that details what must happen when violating this section 226.19(a)

Thanks,
Posted By: rlcarey

Re: Closed loan before 7 business day waiting period - 08/08/12 12:15 PM

There is no "cure". You have a violation.
Posted By: swiggles

Re: Closed loan before 7 business day waiting period - 08/08/12 02:31 PM

Are you not also bound by the APR on the early TIL?