We had a residential mortgage closing scheduled for Saturday, but the borrowers did not show up. They plan to come in tomorrow for the closing, instead. All of the loan documents, including the closing disclosures, have Saturday’s date. Can we simply change the date on all the loan documents? Do we need to re-issue the closing disclosures to reflect the new closing date? If so, do we have to wait three days for the closing?

You must provide the customer with a new closing disclosure reflecting the revised closing date. However, you do not need to wait three days to hold the closing.

In general, creditors must provide consumers with closing disclosures no later than three business days before closing. It is only necessary to restart the three-day waiting period when the APR rate becomes inaccurate, the loan product changes, or a prepayment penalty is added. If anything else becomes inaccurate before closing, it is sufficient to provide corrected disclosures at or before closing, without commencing a new waiting period.

In this case, the only change is the closing date. Consequently, a new waiting period is not required. You may comply with Regulation Z by providing new closing documents with the revised date at the closing.

For resources related to our guidance, please see:

Regulation Z, 12 CFR Part 1026.19(f)(1)(i) (“In a closed-end consumer credit transaction secured by real property, other than a reverse mortgage subject to § 1026.33, the creditor shall provide the consumer with the disclosures in § 1026.38 reflecting the actual terms of the transaction.”)

Regulation Z, 12 CFR Part 1026.19(f)(1)(ii)(A) (“Except as provided in paragraphs (f)(1)(ii)(B), (f)(2)(i), (f)(2)(iii), (f)(2)(iv), and (f)(2)(v) of this section, the creditor shall ensure that the consumer receives the disclosures required under paragraph (f)(1)(i) of this section no later than three business days before consummation.”) (emphasis added)

Regulation Z, 12 CFR Part 1026.19(f)(2)(ii) (requires that a creditor ensure the consumer receives a corrected disclosure before consummation when the APR rate becomes inaccurate, the loan product changes, or a prepayment penalty is added)

Regulation Z, 12 CFR Part 1026.19(f)(2)(i) (“Except as provided in paragraph (f)(2)(ii), if the disclosures provided under paragraph (f)(1)(i) of this section become inaccurate before consummation, the creditor shall provide corrected disclosures reflecting any changed terms to the consumer so that the consumer receives the corrected disclosures at or before consummation…”) (emphasis added)

Regulation Z, Official Interpretation, 12 CFR Part 1026.19 Paragraph (f)(2)(i), Comment 1 (“…if the disclosures provided under § 1026.19(f)(1)(i) become inaccurate before consummation, other than as provided under § 1026.19(f)(2)(ii), the creditor shall provide corrected disclosures reflecting any changed terms to the consumer so that the consumer receives the corrected disclosures at or before consummation. The creditor need not comply with the timing requirements in § 1026.19(f)(1)(ii) if an event other than one identified in § 1026.19(f)(2)(ii) occurs, and such changes occur after the creditor provides the consumer with the disclosures required by § 1026.19(f)(1)(i).”)