Q: Does the three-business-day waiting period apply when corrected Closing Disclosures must be issued to the consumer?
A: Yes, in some circumstances. The three-business-day waiting period requirement applies to a corrected Closing Disclosure that is provided when:
The loan’s disclosed APR becomes inaccurate;
There are changes to the loan product; or
A prepayment penalty is added to the loan. (§ 1026.19(f)(2)(ii))
If other types of changes occur, creditors must ensure that the consumer receives a corrected Closing Disclosure at or before consummation. (§ 1026.19(f)(2)(i))
For more information on providing a corrected Closing Disclosure, see section 12 below (in the Bureau’s compliance guide).