Be sure your borrower(s) acknowledge all LE’s provided. If an LE has not been acknowledged, it could delay the CD going out to the borrower. Why?
- The last revised Loan Estimate (LE) must be “received,” at least 4 business days prior to signing
- The initial Closing Disclosure (CD) must be “received,” at least 3 business days prior to signing
Example: If an LE goes out today and the borrower does not acknowledge it the borrower must wait 4 days from that acknowledgement to sign. The waiting time on a CD is 3 business days, but the CD wait time DOES NOT supersede the LE wait time. Once the borrower acknowledges the re-disclosed LE, the 4 business day wait begins. If we have sent out a CD, the borrower still must meet the 4 day waiting period on the LE.