How many days prior to consummation must the borrower review the Closing Disclosure?

The borrower must review the Closing Disclosure at least one day prior to consummation. This requirement, established by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), ensures that borrowers have adequate time to understand the terms of their mortgage, including the final costs associated with the loan.

This one-day review period allows borrowers to carefully examine the information provided, compare it to the Loan Estimate they received earlier in the process, and ask any questions or raise concerns with their lender before the closing takes place. It is an essential part of the mortgage process designed to promote transparency and protect borrowers from unexpected costs at closing.

The other options suggest different time frames, but only one day is specified as the minimum required time according to federal regulations. Therefore, selecting the one-day review period reflects compliance with these consumer protection rules.