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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".

Answer Options
A
Ensure receipt three business days before consummation
B
Leave the Loan Estimate unchanged after the creditor learns the disclosed charge is inaccurate.
C
Cure a tolerance problem by renaming the fee instead of documenting or refunding the variance.
D
Move the fee to a different category to avoid a tolerance cure.

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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