Under the 3/7/3 rule, when a 'qualified change of circumstances' occurs, lenders may issue another form but must wait how many days to close?

Under the 3/7/3 rule, when a 'qualified change of circumstances' occurs, lenders may issue another form but must wait how many days to close?

• A. 3 days
• B. 7 days
• C. 10 days
• D. No delay

Answer: (A)

When a qualified change of circumstance occurs, the lender must re-disclose, and a new set of terms and costs is reviewed by the borrower. After those revised disclosures are delivered, there is a mandatory 3-business-day waiting period before the loan can close. This pause gives the borrower time to review the updated terms and ensure they understand the new costs. So, even though another form is issued, the closing cannot happen until three days have passed. The 7-day or longer delays do not apply in this scenario, and skipping the waiting period would violate the TRID timing rules.

When a qualified change of circumstance occurs, the lender must re-disclose, and a new set of terms and costs is reviewed by the borrower. After those revised disclosures are delivered, there is a mandatory 3-business-day waiting period before the loan can close. This pause gives the borrower time to review the updated terms and ensure they understand the new costs. So, even though another form is issued, the closing cannot happen until three days have passed. The 7-day or longer delays do not apply in this scenario, and skipping the waiting period would violate the TRID timing rules.