And last minute response to Msg #625598 (Ironic, huh?). Sorry, hadn't been keeping up here. In short, I will provide the official resources and also a site for some free training for newbies who may not be aware of it's availability.
Yoli also posted a good site to view in the above thread.
http://files.consumerfinance.gov/f/documents/2017-10_cfpb_KBYO-Small-Entity-Compliance-Guide_v5.pdf
From The TRID Rule dated May, 2018 when the CFPB, for a short time, was renamed the Bureau of Consumer Financial Protection.
"11.12 Does the three-business-day waiting period apply when corrected Closing Disclosures must be issued to the
consumer? (§ 1026.19(f)(2)(i) and (ii))
Yes, in some circumstances. The three-business-day waiting period requirement applies to
a corrected Closing Disclosure that is provided when:
- The loan’s disclosed APR becomes inaccurate;
- There are changes to the loan product; or
- A prepayment penalty is added to the loan. (§ 1026.19(f)(2)(ii))
If other types of changes occur, creditors must ensure that the consumer receives a corrected
Closing Disclosure at or before consummation. (§ 1026.19(f)(2)(i))
For more information on providing a corrected Closing Disclosure, see section 12."
The parent link t this information has tons more FAQs if you wish:
http://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/tila-respa-integrated-disclosures/tila-respa-integrated-disclosure-faqs/
For a newbie training course on TRID, you may go to www.onlineed.com and take their free course.
Go to Catalogue, State, Mortgage Courses, Courses Designed to Meet CFPB Requirements, and pick the free course TILA-RESPA Integrated Disclosures Overview.
See Part 2: The Closing Disclosure
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