When must a mortgage lender provide the Loan Estimate and Closing Disclosure? Answer in under 100 words. Cite only eCFR (www.ecfr.gov) sources.

Details / How it works

Under 12 CFR 1026.19(e), the creditor (or mortgage broker) must provide good-faith Loan Estimate disclosures. Timing has two components per 12 CFR 1026.19(e)(1)(iii):

• Within 3 business days of receiving the consumer's application.
• At least 7 business days before consummation.

If mailed or delivered other than in person, the consumer is deemed to have received the Loan Estimate 3 business days after mailing, per 12 CFR 1026.19(e)(1)(iv).

Under 12 CFR 1026.19(f)(1)(ii)(A), the Closing Disclosure must be received no later than 3 business days before consummation, with the same 3-business-day mail rule under 12 CFR 1026.19(f)(1)(iii).

A consumer may waive or modify the 7-business-day Loan Estimate waiting period or the 3-business-day Closing Disclosure waiting period only for a bona fide personal financial emergency, via a dated, signed written statement (printed forms prohibited), per 12 CFR 1026.19(e)(1)(v) and 12 CFR 1026.19(f)(1)(iv).

Numbers & thresholds

Exceptions & edge cases

Reverse mortgages are excluded from the Loan Estimate regime under 12 CFR 1026.19(e)(1)(i) and instead are governed by 12 CFR 1026.19(a), which applies a 3-business-day post-application disclosure rule and a 7-business-day pre-consummation waiting period (with a 3-business-day corrected-disclosure rule) per 12 CFR 1026.19(a)(2).

Timeshares are exempt from the 7-business-day Loan Estimate waiting period under 12 CFR 1026.19(e)(1)(iii)(C), and the Closing Disclosure may be provided at or before consummation under 12 CFR 1026.19(f)(1)(ii)(B).

Predisclosure fees: Under 12 CFR 1026.19(e)(2)(i)(A), neither the creditor nor any other person may impose a fee on the consumer before the Loan Estimate is received and the consumer has indicated an intent to proceed; a bona fide and reasonable credit-report fee is excepted under 12 CFR 1026.19(e)(2)(i)(B).

Verification of information: Under 12 CFR 1026.19(e)(2)(iii), the creditor may not require the consumer to submit documents verifying application information before providing the Loan Estimate.

Bona fide emergency waiver: The 7-business-day (Loan Estimate) and 3-business-day (Closing Disclosure) waiting periods may be modified or waived only by a dated written statement from the consumer describing the emergency, specifically modifying or waiving the period, and signed by all primarily liable consumers — printed forms are prohibited, per 12 CFR 1026.19(e)(1)(v) and 12 CFR 1026.19(f)(1)(iv).

Settlement agent delivery: A settlement agent may provide the Closing Disclosure so long as it complies with all requirements of 12 CFR 1026.19(f), per 12 CFR 1026.19(f)(1)(v).