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In a training scenario, a cost changes after the Closing Disclosure has already been provided. What action best follows the rule?

Correct Answer

B) Use a corrected Closing Disclosure instead of a revised Loan Estimate

Lines 198-206; 12 CFR 1026.19(e)(4)(ii) and 1026.19(f)(2). Once the Closing Disclosure has been provided, the cure path is through corrected Closing Disclosure rules, not a new revised Loan Estimate. Therefore, the correct response is "Use a corrected Closing Disclosure instead of a revised Loan Estimate".

Answer Options
A
Redisclose only after consummation because the file already has a Closing Disclosure.
B
Use a corrected Closing Disclosure instead of a revised Loan Estimate
C
Use a revised disclosure to reset tolerances without a documented event.
D
Treat a rate lock as a changed circumstance for unrelated settlement fees.

Why This Is the Correct Answer

Lines 198-206; 12 CFR 1026.19(e)(4)(ii) and 1026.19(f)(2). Once the Closing Disclosure has been provided, the cure path is through corrected Closing Disclosure rules, not a new revised Loan Estimate. Therefore, the correct response is "Use a corrected Closing Disclosure instead of a revised Loan Estimate".

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