In that case, or if the consumer withdraws the application within the three-business-day period by, for instance, informing the creditor that he intends to take out a loan from another creditor within the three-business-day period, the creditor need not make the disclosures required under 1026.19(e)(1)(i). Thus, for example, if consummation is scheduled for Thursday, a creditor would satisfy the requirements of 1026.19(f)(1)(ii)(A) if the creditor places the disclosures in the mail on Thursday of the previous week, because, for the purposes of 1026.19(f)(1)(ii), Saturday is a business day, pursuant to 1026.2(a)(6), and, pursuant to 1026.19(f)(1)(iii), the consumer would be considered to have received the disclosures on the Monday before consummation is scheduled. Thus, in transactions where interest rate adjustments are implemented more frequently than once per year, a creditor may assume that the interest rate and payment resulting from the index value chosen will stay in effect for the entire year for purposes of calculating the loan balance as of the end of the year and for reflecting other loan program terms. For example, if consummation is scheduled for Thursday, the creditor satisfies this requirement by hand delivering the disclosures on Monday, assuming each weekday is a business day. However, a creditor that includes affiliates on the written list must also comply with 12 CFR 1024.15. Each consumer who is primarily liable on the legal obligation must sign the written statement for the waiver to be effective. The disclosure of lender credits, as identified in 1026.37(g)(6)(ii), is required by 1026.19(e)(1)(i). Simultaneous subordinate financing. A changed circumstance has occurred (i.e., new information), but the sum of all costs subject to the 10 percent tolerance category has not increased by more than 10 percent. Creditors and settlement agents may agree to divide responsibility with respect to completing any of the disclosures under 1026.38 for the disclosures provided under 1026.19(f)(1)(i). See also 1026.19(e)(3)(iv)(A) and comment 19(e)(3)(iv)(A)-2 regarding the definition of changed circumstances. Similarly, if a consumer pays the creditor an appraisal fee in advance of the real estate closing and the creditor subsequently uses those funds to pay another party for an appraisal, then the appraisal fee is not paid to the creditor for the purposes of 1026.19(e). In these transactions, the creditor must disclose the event that would allow the creditor to increase the rate such as that the rate may increase if the employee leaves the creditor's employ. (See comment 19(b)(2)(viii)(B)-3 for an explanation of the use of the highest rate limitation in other disclosures. Section 1026.19(e)(2)(i)(A) provides that a consumer may indicate an intent to proceed with a transaction in any manner the consumer chooses, unless a particular manner of communication is required by the creditor. Revisions to the disclosures also are required when the loan program changes. Cape Cod. For example, separate programs would not exist based on differences in the following loan features: 3. Consummation may not occur until both the seven-business-day waiting period and the three-business-day waiting period have expired. Section 1026.19(f)(4)(ii) provides that the settlement agent shall provide the disclosures required under 1026.19(f)(4)(i) no later than the day of consummation. The creditor had received information three weeks before that, because of a changed circumstance under 1026.19(e)(3)(iv)(A), the pest inspection fees increased by an amount totaling five percent of the originally estimated settlement charges subject to 1026.19(e)(3)(ii). Calculation of payments. Rate and payment caps. If the rate lock causes the Closing Disclosure to become inaccurate before consummation in a manner listed in 1026.19(f)(2)(ii), the creditor must ensure that the consumer receives a corrected Closing Disclosure no later than three business days before consummation, as provided in that paragraph.
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