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Revised Closing Disclosure after rate lock expires

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Question: 
If we have issued a CloD and the rate expires and we need to extend it, then what do we need to do? The CloD does not show the expiration date.
Answer: 

If you re-lock the rate or any of your fees change, you will need to provide a revised Closing Disclosure within three general business days and no later than closing. Whether you can reset tolerances will be based on whether you learn of a rate re-lock or other change within the seven general business days prior to closing. If you’re within the window of seven general business days, you can reset tolerances; if you fall outside the window, you should still provide an updated disclosure, but you may have tolerance issues.

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Learn more about Jerod’s webinar Closing Disclosure: Completion and Revision .

First published on 06/05/2016

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