As Bear pointed out, what actions the lender have to take is spelled out in the rule. As long as the lender is issuing a Loan Estimate (LE), they must deliver or place in the mail a revision within three business days after receiving any revised information from the consumer. For the LE, Saturday may or may not count, depending on if the lender is open for business. The final LE must be delivered at least 4 days prior to consummation.
Once a Closing Disclosure (CD) is issued, no revisions can be made to the LE. The initial CD must be in the hands of the consumer at least 3 business days prior to consummation for their review. Saturdays always counts as a business days for the CD. Because of having to prove the consumer received the CD within the timeframe, it is assumed most lenders will mail them out. They would have to go in the mail 3 business days prior to the day the consumer is supposed to receive it (which is at least 6 days prior to consummation).
The CD can be revised up to the time of consummation. Unless the change involves one of three specific items, there is not a new 3 day review period required. The final CD can be delivered at the closing. |
