Q: Are there any restrictions on how many days before consummation a revised Loan Estimate may be provided?
The creditor may not provide a revised Loan Estimate on or after the date it provides the Closing Disclosure. (§ 1026.19(e)(4)(ii))
The creditor must ensure that the consumer receives the revised Loan Estimate no later than four business days prior to consummation.
If the creditor is mailing the revised Loan Estimate and relying upon the three business day mailbox rule, the creditor would need to place in the mail the Loan Estimate no later than seven business days before consummation of the transaction to allow three business days for receipt. (§ 1026.19(e)(4); Comment 19(e)(4)(i)-2)
As discussed in section 11.2 below (in the Bureau’s compliance guide) regarding the Closing Disclosure, when a revised Loan Estimate is provided in person, it is considered received by the consumer on the day it is provided. If it is mailed or delivered electronically, the consumer is considered to have received it three business days after it is delivered or placed in the mail. (Comments 19(e)(1)(iv)-1 and -2)
However, if the creditor has evidence that the consumer received the revised Loan Estimate earlier than three business days after it is mailed or delivered, it may rely on that evidence and consider it to be received on that date. (Comments 19(e)(1)(iv)-1 and -2). See also discussion below in section 11.3 of this Guide (the Bureau’s compliance guide) on similar receipt rule under § 1026.19(e)(1)(iv) and commentary regarding the Closing Disclosure.