Escrow & Title
In Michigan, a Closing Disclosure must accurately reflect the actual costs of the transaction. If costs increase after the initial Closing Disclosure, the lender must:
AProceed with closing on schedule
BProvide a revised Closing Disclosure and potentially restart the 3-business-day waiting period✓ Correct
CIssue a corrected disclosure within 30 days after closing
DReduce other fees to compensate for the increase
Explanation
Under TRID, if the APR increases by more than 0.125%, the loan product changes, or a prepayment penalty is added after the CD is issued, a new CD must be issued and a new 3-business-day waiting period begins.
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