Q: May a creditor revise a Loan Estimate after a Closing Disclosure already has been provided?
A: No. The creditor may not provide a revised Loan Estimate on or after the date the creditor provides the consumer with the Closing Disclosure. (§ 1026.19(e)(4)(ii); Comment 19(e)(4)(ii)-1.ii). (See also section 11.1 below, discussing timing requirements for the Closing Disclosure). Because the Closing Disclosure must be provided to the consumer no later than three business days before consummation (see section 10.2 below), this means the consumer must receive a revised Loan Estimate no later than four business days prior to consummation. (§ 1026.19(e)(4)(ii); Comment 19(e)(4)(ii)-1.ii)
If a Closing Disclosure has already been provided to the consumer, the creditor must use a corrected Closing Disclosure to reset tolerances, not a revised Loan Estimate. For more information on using a Closing Disclosure or corrected Closing Disclosure to reset tolerances, see sections 10.3, 11.11, 12.2 and 12.3 below.