Answer:
I don't believe that you can cure this error. The HOEPA disclosure is a "material disclosure." If you fail to give a HOEPA disclosure before consummation and you close the loan, you can't fix the error as you can't back up the clock. Also, if this is a rescindable loan, the right of rescission was also not properly handled if you didn't give a HOEPA disclosure.
Generally, my suggestion is let it go, train and try not to do it again. Notifying the customer will only draw attention to the unfixable error. You may want to consult a legal professional as well.
First published on BankersOnline.com 08/18/03
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