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Close on Thursday and final disclosures

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xiownthisplacex
Frequent Contributor

Close on Thursday and final disclosures

We are set to close on Thursday April 5th and our mortgage company sent us the final disclosure early today.

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However, a couple of ours ago I received an email from the loan officer assistant stating for me to hold off on getting the cashier's check, because they will send out an updated closing disclosure. Does this normally happen? I am not sure what could be changing as they didn't offer any specifics and I was tied up at work to reach them during business hours to ask what was going on. Should I be worried?

Message 1 of 7
6 REPLIES 6
CreditCuriosity
Moderator Emeritus

Re: Close on Thursday and final disclosures

Was typical for me as they wanted me to get it and sign it electronically to start the 3 day clock by law as the final amount might close and the title company/lawyer was doing the final and got it two or two or three days prior to my closing being the final one and then I wired the money.  As stated they probably sent you out that one to sign to start the 3 day required clock by law

Message 2 of 7
xiownthisplacex
Frequent Contributor

Re: Close on Thursday and final disclosures

Will we still be able to close Thursday if they send another final disclosure tomorrow?

Message 3 of 7
kc0039
Established Contributor

Re: Close on Thursday and final disclosures


@xiownthisplacexwrote:

Will we still be able to close Thursday if they send another final disclosure tomorrow?


Yes. The INITIAL disclosure is just to satisfy the clock the government has given us.

Licensed in IL
Message 4 of 7
NC_Mtg_Loaner
Valued Contributor

Re: Close on Thursday and final disclosures

Yes as long as you sign the initial one sent from the lender today.  

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Licensed NC Mortgage Loan Originator
Message 5 of 7
xiownthisplacex
Frequent Contributor

Re: Close on Thursday and final disclosures

Thank you for the replies! I can breath a little easier then lol.

 

I was just confused on how I received the "Final Disclosure" and then receiving an email saying it was going to change. What is the point of the 3 day requirement to send a final disclosure if it can change anyway? Not really final then, that's where I am confused lol.

Message 6 of 7
kc0039
Established Contributor

Re: Close on Thursday and final disclosures


@xiownthisplacexwrote:

Thank you for the replies! I can breath a little easier then lol.

 

I was just confused on how I received the "Final Disclosure" and then receiving an email saying it was going to change. What is the point of the 3 day requirement to send a final disclosure if it can change anyway? Not really final then, that's where I am confused lol.


It was CFPB's way of saying you should know how much you're bringing to closing. BUT with mortgages, things can change within hours, so most mortgage companies send out the initial Closing Disclosure to bypass the clock.

Licensed in IL
Message 7 of 7
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