CFPB TRID Sec. 12.2 - Are creditors permitted to use a corrected Closing Disclosure to reset tolerances?

Compliance > Regulation Z - TILA / TRID Specific > Closing Disclosures
Q:  Are creditors permitted to use a corrected Closing Disclosure to reset tolerances?
 
A:  Yes. Like with a revised Loan Estimate, a creditor can use a corrected Closing Disclosure to reset tolerances when there is a changed circumstance or other triggering event. (Comment 19(e)(4)(ii)-1)
 
See section 8.1 and 8.2 above (in the Bureau’s compliance guide) for more information about what events qualify as a changed circumstance or other triggering event that allows a creditor to reset tolerances.
 
 
This Closing Disclosure / CD information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

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