Origination ActivitiesQuestion 183 of 400
For the Closing Disclosure's three-business-day waiting period, 'business day' is defined as:
a.Any day the creditor's offices are open to the public
b.All calendar days except Sundays and legal public holidays
c.Monday through Friday only
d.All calendar days except weekends
Explanation
For the CD waiting period and other precise timing rules, 'business day' uses the more specific definition: all calendar days except Sundays and legal public holidays. That means Saturdays generally count as business days.
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Related questions on this topic
- The creditor must deliver or place in the mail the Loan Estimate no later than how many business days after receiving the application?
- In addition to being provided within three business days of application, the Loan Estimate must be received by the consumer no later than how many business days before consummation?
- The consumer must receive the Closing Disclosure at least how long before consummation?
- For counting the three days to deliver the Loan Estimate, 'business day' means:
- Before the consumer has received the Loan Estimate and communicated intent to proceed, the creditor may collect which fee?
- Which of the following qualifies as the consumer's 'intent to proceed' with the transaction?
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