United States
Hong KongRequired disclosures and the origination timeline
The Loan Estimate within three business days of application, the appraisal notice within three, the Closing Disclosure three days before consummation, and the rescission notice at consummation on a refinance.
One timeline, six or seven documents, and a deadline attached to each. Learn it as a sequence and the questions largely answer themselves.
The order
| Document | When |
|---|---|
| Loan Estimate | Within 3 business days of a complete application |
| Notice of right to appraisal copy | Within 3 business days of application |
| Home Loan Toolkit (purchase) | Within 3 business days of application |
| Appraisal copy | Promptly, or 3 business days before consummation |
| Closing Disclosure | At least 3 business days before consummation |
| Rescission notice (refinance) | At consummation |
Three documents share the same three-day-from-application deadline. Group them rather than learning each separately.
What each is for
The Loan Estimate lets a borrower compare offers. The Closing Disclosure lets them check what was promised against what is being delivered.
They use the same format for exactly that reason. Putting them side by side is meant to be easy.
Required on a purchase transaction, not on a refinance. It is a small distinction and it appears in questions listing what must be provided.
Revised disclosures
A revised Loan Estimate may be issued after a valid changed circumstance, and it resets the tolerance baseline.
A corrected Closing Disclosure is required when figures change, but only three changes restart the three-day wait: APR beyond tolerance, a product change, or an added prepayment penalty.
Delivery and receipt
Where a disclosure is mailed, receipt is presumed three business days after it is placed in the mail.
That presumption matters for counting. A Closing Disclosure mailed on Monday is presumed received on Thursday, and the three-day wait runs from there.
Common questions
What disclosures are required at application?
The Loan Estimate, the notice of the right to an appraisal copy, and on a purchase the Home Loan Toolkit, all within three business days.
When is the Closing Disclosure required?
At least three business days before consummation.
Is the Home Loan Toolkit required on a refinance?
No. It is a purchase-transaction requirement.
When is receipt presumed for a mailed disclosure?
Three business days after it is placed in the mail.
What restarts the three-day waiting period?
An APR change beyond tolerance, a change of loan product, or the addition of a prepayment penalty.