[tressa]

The 2018 TRID amendment allows a creditor the option to use a CD or a revised LE to reset tolerance. However, if a revised LE is used it must be received by the consumer four days prior to closing. If it’s less, then the initial CD or a revised CD (if initial CD has been provided) must be provided to reset tolerances. If it is more than four days prior to closing, a creditor has the option to provide a revised LE or CD to reset tolerance.

Is my understanding correct?

[jholzknecht]

You have provided an excellent summary of the revised rule.

[Author]

Posts