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In a training scenario, the consumer locks the interest rate after the initial disclosure package. What action best follows the rule?

Correct Answer

B) 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".

Answer Options
A
Charge a lock-extension fee without confirming who caused the delay and what was disclosed.
B
Send the revised Loan Estimate within three business days
C
Use the new market rate but keep the old lock documentation unchanged.
D
Move the file to closing without resolving a known lock-expiration conflict.

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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