Timing of the LE

Question 1

If the borrower does not provide the intent to proceed the lender is obligated to honor the quoted fees for how long?

Answer 1

10 days. After which the lender may issue a new LE if the borrower expresses intent to proceed.

Question 2

Can the MLO delay delivery of the LE because of waiting documentation?

Answer 2

NO

Question 3

The LE is the trigger for what?

Answer 3

Supporting documentation

Question 4

The Intent to Proceed is the trigger for?

Answer 4

Collecting money

Question 5

When must disclosures be delivered or placed in the mail

Answer 5

By the 3rd business day after receiving the customer’s application

Question 6

When does the 7 business day waiting period for closing begin?

Answer 6

When the lender sends or places the disclosures in the mail.

Question 7

The 7 day waiting period includes

Answer 7

The day the disclosures were sent but excludes Holidays, Sundays, and Saturdays (if not open on Saturday.)

Question 8

How many days after delivering the final LE can you close?

Answer 8

4 business days (counting Saturday)

Question 9

How many days after the final LE is delivered is the CD due?

Answer 9

1 business day (counting Saturday)

Question 10

How many days after delivering the CD can you close?

Answer 10

3 Business days (counting Saturday)