How many business days before consummation must the Closing Disclosure be provided to the applicant?

The Closing Disclosure must be provided to the applicant at least three business days before consummation of the mortgage loan. This regulation is designed to ensure that borrowers have sufficient time to review the terms of their loan, including fees, interests, and other important financial disclosures, prior to signing the final documents.

The three-business-day period allows borrowers to ask questions or seek clarification about the closing terms, thus promoting transparency and informed decision-making. This requirement is part of the TILA-RESPA Integrated Disclosure rule, which aims to streamline and improve the process of loan origination and closing for consumers.

Providing the Closing Disclosure within this timeframe is crucial for compliance purposes, as failing to do so can delay the closing process or result in penalties for the lender.