Q: When does the creditor have to provide the Closing Disclosure to the consumer?
A: Yes. Like the seven-business-day waiting period after receiving the Loan Estimate (see section 6.2 above), consumers may waive or modify the three-business-day waiting period when:
The extension of credit is needed to meet a bona fide personal financial emergency. (§ 1026.19(f)(1)(iv));
The consumer has received the Closing Disclosure; and
The consumer gives the creditor a dated written statement that describes the emergency, specifically modifies or waives the waiting period, and bears the signature of all consumers who are primarily liable on the legal obligation. (§ 1026.19(f)(1)(iv))
The creditor is prohibited from providing the consumer with a pre-printed waiver form. (§ 1026.19(f)(1)(iv))
Note: For example, 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, may be considered a bona fide personal financial emergency. (Comment 19(f)(1)(iv)-1)