RESPA

She’s likely referring to TRID, https://www.consumerfinance.gov/policy-compliance/guidance/tila-respa-disclosure-rule/
You have to receive and acknowledge the prelim closing disclosure at least 3 business days before the closing date. Some old school banks mail the closing disclosure (instead of esign)and they require 10 days for the mail to arrive.

-Adam Dahill
Citizens Bank
Adam.Dahill@CitizensBank.com

adam_dahill

in General Discussion 6 years and 2 months ago

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Arkady | 6 years and 2 months ago

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Does anyone know if there’s a mandatory 10-day waiting period before a closing even if all the finances are in place? Asking for a friend.

yudashasom | 6 years and 2 months ago

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I know of a three day rule.. not 10.

slopefarm | 6 years and 2 months ago

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I thought the three day rule was after closing – essentially a right to change your mind.

mozeeatupu | 6 years and 2 months ago

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I thought the three day cooling off period for real estate was a myth, not an actual thing

Arkady | 6 years and 2 months ago

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No, it’s actually a fed mandate evidently.

mozeeatupu | 6 years and 2 months ago

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If you mean the FTC rule, it doesn’t apply to real estate.

yudashasom | 6 years and 2 months ago

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AFAIK theres a three day disclose before closing, and then three day right of recision after closing. This does not apply to all loans or property types however.