Erin's lender mails her Closing Disclosure on Tuesday for a Friday consummation. No emergency waiver applies. Which statement is most accurate?
Correct Answer
D) Timing is not fine because a mailed Closing Disclosure is deemed received three business days after mailing
For the Closing Disclosure timing rule, a mailed disclosure is generally deemed received three business days after it is delivered or placed in the mail. Mailing it on Tuesday means receipt is not deemed to occur until Friday, so consummation cannot also occur on Friday absent a valid emergency waiver.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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