Legal Ease is a ‘question of the week’ chosen from actual calls and emails received by our compliance team. Specific questions posed by community bankers are answered in an easy to understand format. Citations to relevant regulations and commentary are routinely provided. A ‘compliance tip’ is usually included at the bottom of each Legal Ease as a best practice or something to watch out for. Past Legal Ease are included in a searchable archive here.
Question of the Week
After issuing the Loan Estimate, the interest rate will be lower causing an APR tolerance issue. We have not issued a Closing Disclosure. Do we need to do an updated Loan Estimate, or can we just go straight to issuing our Closing Disclosure?
Learn the answer here