CFPB TRID Sec. 12.3 - Are there timing requirements for providing a corrected Closing Disclosure to reset tolerances?

Compliance > Regulation Z - TILA / TRID Specific > Closing Disclosures
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.
 
 
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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