A cash-out refinance closing is scheduled for Friday at 4:00 PM. The borrower received the Closing Disclosure on Tuesday at 10:00 AM via email. The borrower's attorney calls at 3:30 PM Friday requesting a 30-minute delay due to traffic. What is the earliest the closing can legally occur?
Correct Answer
B) 4:30 PM Friday after the attorney arrives
The three-business-day waiting period was satisfied when the borrower received the Closing Disclosure on Tuesday (Tuesday, Wednesday, Thursday = three business days). A brief delay for the attorney's arrival does not affect the legal timing requirements.
Why This Is the Correct Answer
The three-business-day waiting period was satisfied when the borrower received the Closing Disclosure on Tuesday (Tuesday, Wednesday, Thursday = three business days). A brief delay for the attorney's arrival does not affect the legal timing requirements.
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