Q: May a consumer waive the seven-business-day waiting period?
A: The consumer may modify or waive the seven-business-day waiting period after receiving the Loan Estimate if the consumer has a bona-fide personal financial emergency that necessitates consummating the credit transaction before the end of the waiting period.
Whether a consumer has a bona fide personal financial emergency is determined by the facts surrounding the consumer’s individual situation. (See § 1026.19(e)(1)(v); Comment 19(e)(1)(v)-1). An example of a bona fide personal financial emergency is the imminent sale of the consumer’s home at foreclosure, where the foreclosure sale will proceed unless loan proceeds are made available to the consumer during the waiting period.
To modify or waive the waiting period, the consumer must give the creditor a dated written statement that describes the emergency, specifically modifies or waives the waiting period, and is signed by all consumers primarily liable on the legal obligation. (§ 1026.19(e)(1)(v)). The creditor may not provide the consumer with a pre-printed waiver form. (§ 1026.19(e)(1)(v))