A borrower wants to waive the three-business-day waiting period after receiving the Closing Disclosure because an emergency requires the borrower to move into the property immediately. Under TRID, can the borrower waive the waiting period?
Correct Answer
C) Yes, but only if the borrower provides a dated, written statement describing the personal financial emergency, and the waiver cannot be on a pre-printed form
TRID allows the borrower to waive the three-business-day waiting period only in cases of a bona fide personal financial emergency. The borrower must provide a dated, written statement describing the emergency, and it must be in the borrower's own words—not a pre-printed form.
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