Timing for Revisions to Loan Estimate A creditor must deliver or place in the mail the revised Loan Estimate to the consumer no later than three business days➊ after receiving the information sufficient to establish a changed circumstance. The creditor may not provide a revised Loan Estimate on or after the date it provides the Closing Disclosure. The creditor must ensure that the consumer receives the revised Loan Estimate no later than four business days➋ prior to consummation (the 3 business days➋” rule applies when “plus mailing) You can rely on evidence that the consumer received the revised Loan Estimate earlier Change in Circumstance Close to Consummation If are less than four business days➋ in between the time a revised Loan Estimate would have been required to be provided to the consumer and consummation, creditors may provide consumers with a Closing Disclosure reflecting any revised charges resulting from the changed circumstance and rely on those figures (rather than the amounts disclosed on the Loan Estimate) for purposes of determining good faith and the applicable tolerance. **Note: Highly suggest that you document this situation VERY thoroughly*
Timing for Revisions to Loan Estimate A creditor must deliver or place in the mail the revised Loan Estimate to the consumer no later than three business days➊ after receiving the information sufficient to establish a changed circumstance. The creditor may not provide a revised Loan Estimate on or after the date it provides the Closing Disclosure. The creditor must ensure that the consumer receives the revised Loan Estimate no later than four business days➋ prior to consummation (the “plus 3 business days➋” rule applies when mailing) You can rely on evidence that the consumer received the revised Loan Estimate earlier Change in Circumstance Close to Consummation If are less than four business days➋ in between the time a revised Loan Estimate would have been required to be provided to the consumer and consummation, creditors may provide consumers with a Closing Disclosure reflecting any revised charges resulting from the changed circumstance and rely on those figures (rather than the amounts disclosed on the Loan Estimate) for purposes of determining good faith and the applicable tolerance. **Note: Highly suggest that you document this situation VERY thoroughly*
Integrated%20Disclosure%20Training.docx