[MBT_Compliance1]

Assuming Saturday is a Business Day, what if:

– Learned of changed fee on Tues. Dec. 8th

– Revised Loan Estimate to be issued no later than Fri. Dec. 11th (3 BD After Change)

…however:

– Last day for providing Loan Estimate Thurs. Dec. 10th (4 BD Prior to Closing)

– Initial Closing Disclosure to be in-hand Fri. Dec. 11th (3 BD Prior to Closing)

– Closing Scheduled Tues. Dec. 15th

Would we be in compliance with re-disclosure requirements if we issued the changed fee on the Initial Closing Disclosure (instead of revising the Loan Estimate) provided on the 11th as this is within 3 Business Days of receiving the changed fee on the 8th? If we are not allowed to re-disclose via the Initial Closing Disclosure in this instance, we would only have 2 Business Days to issue the revision and therefore, we would lose benefit of the 3rd Business Day allowed in the regulation for revisions. The 3 Business Days we are allowed to revise a Loan Estimate overlap with the 4th Business Day to issue the Final Loan Estimate and the 3 Business Days to issue the Initial Closing Disclosure.

If we were able to use the Initial Closing Disclosure to comply with re-disclosure requirements, would we be able to re-set our tolerances?

Thanks!

[rcooper]

The answer is yes to both of your questions assuming you have a legitimate changed circumstance. You can find this in 1026.19(e)(4)(ii).

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