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Waiting Period for Hand Delivered Re-Disclosure

Answered by: 
David A. Dickinson

Question: 
We are doing a refinance of a primary residence. The initial disclosure was three weeks ago. The rate increased today, and therefore, needs a re-disclosure due to the APR being over .125 tolerance. If the borrower picks this up today, is there a 3 day or 7 day waiting period? There is some confusion on the waiting period for re-disclosures that are hand delivered and not mailed.
Answer: 

MDIA requires you to wait 3 business days after delivery of the revised TIL disclosure. If the disclosures are mailed, then you have another 3 business days before you can consider the disclosures to be delivered.

Refer to Section 226.19(a)(2).

First published on BankersOnline.com 11/14/11

First published on 11/14/2011

Filed under: 
Compliance
Filed under compliance as: 
Disclosures
MDIA

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