During intake, a closing is approaching and the borrower has not yet received the Closing Disclosure. What is the best compliant response?
Correct Answer
A) Ensure receipt three business days before consummation
Lines 205-206; 12 CFR 1026.19(f)(1)(ii). The Closing Disclosure is a pre-consummation disclosure, so receipt must occur at least three business days before consummation. Therefore, the correct response is "Ensure receipt three business days before consummation".
Why This Is the Correct Answer
Lines 205-206; 12 CFR 1026.19(f)(1)(ii). The Closing Disclosure is a pre-consummation disclosure, so receipt must occur at least three business days before consummation. Therefore, the correct response is "Ensure receipt three business days before consummation".
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