CFPB Posts Four FAQs on TRID

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The Consumer Financial Protection Bureau (CFPB) posted questions about TRID, which are available here

Question 2 asks: Is a creditor required to ensure that a consumer receives a corrected Closing Disclosure at least three business days before consummation if the APR decreases (i.e., the previously disclosed APR is overstated)?  The answer includes the following:  For Example: If the APR and finance charge are overstated because the interest rate has decreased, the APR is considered accurate. Thus, the creditor may provide the corrected Closing Disclosure to the consumer at consummation, and is not required to ensure that the consumer receives the corrected Closing Disclosure at least three business days before consummation.

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