Federal rules require a Closing Disclosure document provided by the lender. The broker should counsel the borrower to review this document and compare it with the Loan Estimate document. The Closing Disclosure should be received by the borrower

Providing the Closing Disclosure at the closing would not allow the borrower sufficient time to review the document, which contradicts the intention of the rule designed to ensure informed decision-making. The closing process is meant to finalize the transaction, not to introduce potentially critical information that should have been reviewed beforehand.

Receiving the Closing Disclosure 30 days after the loan consummation would be impractical and potentially detrimental to the borrower. This timeline would not allow the borrower to understand their loan terms before agreeing to them, undermining the purpose of the disclosure requirement entirely, which is to promote informed consent before finalizing the transaction.

While timely communication is important, the requirement specifies that the Closing Disclosure must be received before loan consummation, not after the application. Delivering it 10 days post-application fails to meet the regulatory requirement for pre-consummation disclosure, leaving the borrower without essential information during the critical decision-making period.