Under RESPA timing, the Closing Disclosure must be provided before consummation by how many business days?

Under RESPA timing, the Closing Disclosure must be provided before consummation by how many business days?

• A. 3
• B. 5
• C. 1
• D. 7

Answer: (A)

Three business days before consummation is the required waiting period for the Closing Disclosure under RESPA TRID. This rule gives borrowers time to review the final loan terms and settlement costs before finalizing, reducing the chance of closing with unexpected charges. The countdown starts the day after the Disclosure is delivered, and weekends and holidays don’t count. For example, if the Disclosure is delivered on Monday, the three business days are Tuesday, Wednesday, and Thursday, so consummation can occur as early as Thursday. Holidays can push the date later. The other day counts don’t align with this mandated three-business-day waiting period.

Three business days before consummation is the required waiting period for the Closing Disclosure under RESPA TRID. This rule gives borrowers time to review the final loan terms and settlement costs before finalizing, reducing the chance of closing with unexpected charges. The countdown starts the day after the Disclosure is delivered, and weekends and holidays don’t count. For example, if the Disclosure is delivered on Monday, the three business days are Tuesday, Wednesday, and Thursday, so consummation can occur as early as Thursday. Holidays can push the date later. The other day counts don’t align with this mandated three-business-day waiting period.