The three business day waiting period requirement applies to a corrected closing disclosure when all of the following occur except?

The three business day waiting period requirement for a corrected closing disclosure is designed to ensure that borrowers have adequate time to review significant changes in their loan terms prior to closing. This requirement is triggered by specific changes that affect the borrower's costs or terms of the loan, such as the addition of a pre-payment penalty, changes to the loan product, or modifications to the loan's annual percentage rate (APR). Each of these alterations impacts the borrower's financial obligations and could affect their decision to proceed with the transaction.

In contrast, clerical errors do not invoke the three business day waiting period. These types of errors, which may include typos or minor inaccuracies that do not affect the substance of the loan terms or costs, can be corrected without delaying the closing process. Since these errors do not change the borrower's understanding of their loan or impose new financial commitments, the law distinguishes them from more substantial changes that warrant additional time for review. Thus, a correction made solely for clerical reasons does not trigger the waiting period as it does not materially affect the agreement between the lender and the borrower.