When must the revised closing disclosure be provided to the borrower?

The revised closing disclosure must be provided to the borrower at least three days before closing. This requirement ensures that borrowers have adequate time to review the final terms and costs associated with their mortgage before the actual closing occurs. By giving this three-day window, it allows borrowers to understand and address any discrepancies in the closing disclosure compared to earlier estimates they received.

This regulation is in accordance with the Truth in Lending Act and the Real Estate Settlement Procedures Act, which aim to promote transparency and protect borrowers from being surprised by sudden changes in costs or terms at the closing table. Providing this disclosure well in advance not only fosters better communication between lenders and borrowers but also encourages responsible financial decision-making.

Other options do not align with regulatory requirements set forth to protect borrowers’ interests.