A closing disclosure is placed in the mail on Monday 6 April for a consummation on Friday 10 April. No evidence of earlier receipt is kept.
Correct Answer
A) Too late: mailed disclosures are presumed received 3 business days later
Where the creditor mails the disclosure it may presume receipt three business days later, so a Monday mailing is presumed received on Thursday, leaving no clear three business days before a Friday consummation. Other choices: counting calendar days from the mailing skips the receipt presumption entirely; a next-business-day presumption is not what the rule gives; and 7 business days is the loan estimate figure. Source: 12 CFR 1026.19(f)(1)(iii)
Why This Is the Correct Answer
Where the creditor mails the disclosure it may presume receipt three business days later, so a Monday mailing is presumed received on Thursday, leaving no clear three business days before a Friday consummation. Other choices: counting calendar days from the mailing skips the receipt presumption entirely; a next-business-day presumption is not what the rule gives; and 7 business days is the loan estimate figure. Source: 12 CFR 1026.19(f)(1)(iii)
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