For a purchase transaction, when must the borrower receive the Closing Disclosure if the closing is scheduled for Friday at 10:00 AM?
Correct Answer
C) No later than Tuesday at any time
The Closing Disclosure must be received at least 3 business days before consummation. Counting backwards from Friday: Thursday (day 1), Wednesday (day 2), Tuesday (day 3). The borrower must receive it no later than Tuesday under 12 CFR 1026.19(f).
Why This Is the Correct Answer
The Closing Disclosure must be received at least 3 business days before consummation. Counting backwards from Friday: Thursday (day 1), Wednesday (day 2), Tuesday (day 3). The borrower must receive it no later than Tuesday under 12 CFR 1026.19(f).
More Origination Questions
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For a construction-to-permanent loan, when must the initial Closing Disclosure be provided for the construction phase?
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