Q: Are there timing requirements for providing a corrected Closing Disclosure to reset tolerances?
A: Yes. Like providing a revised Loan Estimate, in order to use the a corrected Closing Disclosure to reset tolerances, the corrected Closing Disclosure must be provided within three business days of receiving information sufficient to establish that a changed circumstance or another triggering event has occurred.
Other Closing Disclosure general timing and delivery requirements also apply. For example, when providing a corrected Closing Disclosure before consummation due to inaccuracy,, the creditor must ensure that the consumer receives a corrected Closing Disclosure at or before consummation. Additionally, the new three-business-day-waiting period may apply (see section 12.4 below). For more information on the general timing requirements, see section 11 above and section 12 below.