Learn each clock as a complete rule
A number without its trigger is a weak study aid. For every timing question, identify the transaction covered, the triggering event, the required action, the type of day and any delivery assumption. The NMLS outline places federal mortgage-related laws at 24%; checked October 20, 2026.
Federal-law timing reference
| Topic | Trigger and general clock | Important qualification | Official rule |
|---|---|---|---|
| TRID Loan Estimate | Deliver or mail within 3 business days after application; generally at least 7 business days before consummation | The initial 3-day clock uses days the creditor is open for substantially all business functions; the 7-day wait uses the precise definition | Reg Z §1026.19(e) |
| TRID Closing Disclosure | Receipt at least 3 business days before consummation | Count all calendar days except Sundays and federal legal public holidays; account for delivery and receipt | Reg Z §1026.19(f) |
| TILA rescission | Until midnight of the third business day after the latest of consummation, delivery of the rescission notice, or delivery of material disclosures | Applies to covered rescindable transactions; not a general purchase-mortgage cancellation right | Reg Z §1026.23 |
| ECOA action notice | Generally within 30 days after a completed application | Incomplete applications and other situations have separate provisions; do not replace every notice rule with this clock | Reg B §1002.9 |
| RESPA initial escrow statement | At settlement or within 45 calendar days after settlement when an escrow account is established as a condition of the loan | Distinguish the initial statement from annual statements and other servicing notices | Reg X §1024.17(g) |
| HMDA annual reporting | Generally by March 1 following the calendar year covered | Applies to covered institutions and reportable data; qualifying institutions also have quarterly reporting obligations | Reg C §1003.5 |
Rules checked October 20, 2026. These are study summaries of general rules, not a complete compliance checklist. Read the linked rule for exceptions and the facts of a specific transaction.
Do not use one business-day definition everywhere
Regulation Z’s definitions distinguish the creditor-business-function definition from the precise definition used for specified provisions. Saturday can therefore count differently depending on which clock is being tested. A question that says “business days” still requires identifying the provision.
For a simple study example, if a consumer receives a Closing Disclosure on Monday and there are no intervening federal holidays, the ordinary three-business-day wait permits Thursday consummation. Change the receipt day or add a holiday and recalculate. Mailing is not necessarily same-day receipt.
A changed Closing Disclosure does not always restart the wait
Under §1026.19(f), a new waiting period is required for specified changes: an inaccurate APR under the rule, a loan-product change or addition of a prepayment penalty. Do not turn that into “every correction restarts three days.” Conversely, do not ignore a qualifying change because the original disclosure was timely.
Practise the reasoning
Use the disclosure timeline tool for sample dates, then explain the trigger and counting rule before checking the result. Keep HMDA coverage separate from its reporting date; thresholds depend on the applicable rule and reporting year, so this sheet does not invent a universal threshold.
This page is educational exam preparation, not legal advice for live originations. It does not replace NMLS-approved education or professional compliance review.
A little more clarity
Questions, answered.
Are all business days counted the same way?
No. Identify the rule before counting. Regulation Z uses different definitions for specified timing provisions.
Does every Closing Disclosure correction restart the waiting period?
No. Regulation Z identifies the changes requiring a new wait, including an inaccurate APR under the rule, a loan-product change or adding a prepayment penalty.
Does every mortgage have a rescission period?
No. Rescission applies to covered transactions and has exemptions. Do not assume the ordinary purchase mortgage carries this cancellation right.
Put your next step into focus.
Take what you have learned into your next study session. Use the linked practice and resources to decide where to focus.
Practise federal-law questionsEducational information and independent practice. Confirm current examination, education and licensing requirements with the linked official sources. Practice results do not guarantee an examination result or eligibility.