CFPB TRID Sec. 12.10 - Is a corrected Closing Disclosure required if a post-consummation event affects an amount paid by the seller?

Compliance > Regulation Z - TILA / TRID Specific > Closing Disclosures
Q:  Is a corrected Closing Disclosure required if a post-consummation event affects an amount paid by the seller?
 
A:  Yes, in some circumstances. Settlement agents must provide a corrected Closing Disclosure if an event related to the settlement occurs during the 30-day period after consummation that causes the Closing Disclosure to become inaccurate and results in a change to an amount actually paid by the seller from what was previously disclosed.
 
The settlement agent must deliver or place in the mail a corrected Closing Disclosure not later than 30 calendar days after receiving information sufficient to establish that such an event has occurred. (§ 1026.19(f)(4)(ii))
 
 
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/
 

Add Feedback