A creditor learns of a valid changed circumstance on Thursday for a loan scheduled to consummate the following Tuesday. The creditor is planning its redisclosure steps. Which action is NOT permitted under TRID?
Correct Answer
C) Providing a revised Loan Estimate on the same date the creditor provides the initial Closing Disclosure
TRID does not allow a revised Loan Estimate on or after the date the creditor provides the initial Closing Disclosure. In addition, the consumer must receive any revised Loan Estimate no later than four business days before consummation, so once timing is too tight the creditor must generally use the Closing Disclosure instead.
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