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Question 1 of 7

1. Question
How must the Closing Disclosure be provided to the consumer according to Regulation Z?
- It must be in writing and contain the information prescribed in §1026.38
- It may be provided verbally if the borrower agrees
- It may contain any information the creditor chooses
- It replaces all disclosure requirements under Regulation Z
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Question 2 of 7

2. Question
If the actual terms or costs of the transaction change prior to consummation, what must the creditor do?
- Wait until after consummation to correct the figures
- Provide a corrected disclosure containing the actual terms of the transaction
- Issue a revised Loan Estimate only
- Cancel the loan and begin the application again
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Question 3 of 7

3. Question
When a creditor provides a corrected Closing Disclosure before consummation, what additional timing requirement may apply?
- The creditor must delay closing for seven additional business days
- The borrower must reapply for the loan
- An additional three-business-day waiting period before consummation may be required
- No additional waiting period is ever required
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Question 4 of 7

4. Question
Under which circumstances must a new three-business-day waiting period occur before consummation due to changes in the Closing Disclosure?
- Whenever any settlement cost increases
- Only when the borrower changes the closing date
- When the creditor updates administrative information
- When the APR becomes inaccurate, a prepayment penalty is added, or the loan product changes
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Question 5 of 7

5. Question
If other changes occur prior to consummation that do not trigger a new waiting period, what must the creditor do?
- Provide the updated information in a revised Closing Disclosure no later than consummation
- Issue a revised Loan Estimate instead
- Delay the closing until a new application is submitted
- No disclosure update is required
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Question 6 of 7

6. Question
What must a creditor do if an event related to settlement occurs within 30 calendar days after consummation that makes the Closing Disclosure inaccurate?
- Ignore the change if closing has already occurred
- Provide a corrected Closing Disclosure
- Provide a revised Loan Estimate
- Require the borrower to reopen the loan file
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Question 7 of 7

7. Question
When must the creditor deliver or place in the mail the revised Closing Disclosure after discovering an inaccuracy affecting the amount paid by the consumer?
- No later than 3 business days after closing
- Within 10 calendar days of closing
- No later than 30 calendar days after receiving information sufficient to establish the change
- Only if the borrower requests a correction
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