Origination ActivitiesQuestion 214 of 400
A consumer receives the Closing Disclosure in person on Monday. Assuming no intervening federal holidays, the earliest day consummation may occur is:
a.Thursday
b.Wednesday
c.Tuesday
d.The following Monday
Explanation
The three-business-day waiting period counts Tuesday, Wednesday, and Thursday, but not the Monday of receipt. Because Saturdays generally count as business days under the precise definition (only Sundays and legal public holidays are excluded), and no holiday intervenes here, consummation may occur on Thursday.
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Related questions on this topic
- Under TRID, 'consummation' refers to:
- The Closing Disclosure primarily shows:
- A key reason the CD mirrors the LE's format is to:
- A creditor places the Closing Disclosure in the mail. For the three-business-day receipt requirement, the consumer is presumed to receive it:
- The consumer may waive the CD three-business-day waiting period only when:
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