Sentences with phrase «change after consummation»

An ARM is a variable rate loan and the rate is subject to change after consummation of the loan.

Not exact matches

For adjustable rate mortgage (ARM) loans, the APR may increase after consummation, and with each rate change, the payment will also change.

If changes for any other reason occur after the initial Closing Disclosure is provided, the creditor must provide a corrected Closing Disclosure reflecting any changed terms to the consumer so that the consumer receives the corrected disclosures at or before consummation, pursuant to § 1026.19 (f)(2)(i).

In addition, pursuant to final § 1026.19 (f)(2)(iii), consumers will receive corrected disclosures after consummation if a subsequent event changes an amount actually paid by the consumer.

These changes include increases in certain real estate - related costs and disbursements to others, which could create legal issues for consumers after consummation.

Thus, the Bureau believes a redisclosure to the consumer after consummation should be required only if a subsequent event changes a charge actually paid by the consumer and not for any change to the transaction.

Even if changes occurred after the initial Closing Disclosure was provided under the proposal, consumers would still have received a nearly accurate revised Closing Disclosure three business days before consummation.

The commenters are correct that given the requirement that the Closing Disclosure be provided so that it is received by the consumer three days before consummation under § 1026.19 (f)(1)(ii), the consummation date may, in some transactions, change after the delivery of the Closing Disclosure.