A borrower should receive the Closing Disclosure at least how many business days before closing?

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Prepare for the Utah Mortgage PLM Exam. Study with flashcards and multiple choice questions, with each question providing hints and explanations. Gear up for test day!

Multiple Choice

A borrower should receive the Closing Disclosure at least how many business days before closing?

Explanation:
Three business days before closing. Under TRID, the Closing Disclosure must be provided to the borrower no later than three business days before consummation. This waiting period lets the borrower review the final loan terms, compare them to the Loan Estimate, ask questions, and catch any discrepancies before funds are disbursed. “Business days” exclude weekends and federal holidays, and the countdown begins after the Closing Disclosure is delivered. If terms change and require re-disclosure, another three-business-day waiting period applies.

Three business days before closing.

Under TRID, the Closing Disclosure must be provided to the borrower no later than three business days before consummation. This waiting period lets the borrower review the final loan terms, compare them to the Loan Estimate, ask questions, and catch any discrepancies before funds are disbursed. “Business days” exclude weekends and federal holidays, and the countdown begins after the Closing Disclosure is delivered. If terms change and require re-disclosure, another three-business-day waiting period applies.

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