Finance
A NH buyer's real estate attorney reviews the mortgage documents at closing and discovers that the loan terms differ from the Loan Estimate provided at application. Under TRID rules, the buyer:
AMust accept the changed terms since the closing has been scheduled
BHas the right to a revised Closing Disclosure and potentially a new 3-business-day waiting period before closing✓ Correct
CCan only object to changes that increase the rate
DMust sign at closing and file a complaint later
Explanation
TRID rules require that certain changes to loan terms (increases in APR beyond 1/8%, changes in loan product, or prepayment penalties) trigger a revised Closing Disclosure and a new 3-business-day waiting period before closing. This protects consumers from last-minute bait-and-switch tactics.
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