Before closing, the team discovers that the consumer locks the interest rate after the initial disclosure package. What is the safest compliant answer?
Correct Answer
D) Send the revised Loan Estimate within three business days
Lines 198-203; 12 CFR 1026.19(e)(3)(iv)(D). A rate lock requiring revision carries a three business day redisclosure deadline. Therefore, the correct response is "Send the revised Loan Estimate within three business days".
Why This Is the Correct Answer
Lines 198-203; 12 CFR 1026.19(e)(3)(iv)(D). A rate lock requiring revision carries a three business day redisclosure deadline. Therefore, the correct response is "Send the revised Loan Estimate within three business days".
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