CFPB TRID Sec. 12.11 - Are clerical errors discovered after consummation subject to the redisclosure obligation?

Compliance > Regulation Z - TILA / TRID Specific > Closing Disclosures
Q:  Are clerical errors discovered after consummation subject to the redisclosure obligation?
 
A:  Yes. Creditors also must provide a corrected Closing Disclosure to correct non-numerical clerical errors and document cures for tolerance violations no later than 60 calendar days after consummation. (§ 1026.19(f)(2)(iv)-(v)) An error is clerical if it does not affect a numerical disclosure and does not affect the timing, delivery, or other requirements imposed by § 1026.19(e) or (f). (Comment 19(f)(2)(iv)-1)
 
For example:
  • If the Closing Disclosure identifies the incorrect settlement service provider as the recipient of a payment, the error would be considered clerical because it is non-numerical and does not affect any of the delivery requirements set forth in § 1026.19(e) or (f).
  • However, if the Closing Disclosure lists the wrong property address, which affects the delivery requirement imposed by § 1026.19(e) or (f), the error would not be considered clerical.
 
 
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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