During intake, a late closing change occurs and the team must decide whether a new waiting period is required. What is the best compliant response?
Correct Answer
C) Restart the wait only for APR, product, or prepayment penalty changes
Lines 205-206; 12 CFR 1026.19(f)(2)(ii). Only the specified APR, product, or prepayment penalty changes trigger the new three business day waiting period. Therefore, the correct response is "Restart the wait only for APR, product, or prepayment penalty changes".
Why This Is the Correct Answer
Lines 205-206; 12 CFR 1026.19(f)(2)(ii). Only the specified APR, product, or prepayment penalty changes trigger the new three business day waiting period. Therefore, the correct response is "Restart the wait only for APR, product, or prepayment penalty changes".
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