Origination ActivitiesQuestion 215 of 400
A creditor places the Closing Disclosure in the mail. For the three-business-day receipt requirement, the consumer is presumed to receive it:
a.On the day of mailing
b.Three business days after mailing, unless the creditor has evidence of earlier receipt
c.Seven business days after mailing
d.Only when the consumer physically signs for it
Explanation
When the CD is mailed, the consumer is presumed to receive it three business days after mailing, unless there is evidence of earlier receipt. The three-business-day waiting period before consummation then runs from that presumed receipt date. Delivering the CD in person or electronically with proof of receipt can shorten this timeline.
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Related questions on this topic
- The Closing Disclosure primarily shows:
- A key reason the CD mirrors the LE's format is to:
- A consumer receives the Closing Disclosure in person on Monday. Assuming no intervening federal holidays, the earliest day consummation may occur is:
- The consumer may waive the CD three-business-day waiting period only when:
- If a charge exceeds the applicable tolerance at closing, the creditor generally must:
- Charges on the Loan Estimate are deemed made in 'good faith' if:
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