Question: If at closing the seller (family member of borrower) decides to give their proceeds to the buyer to help pay for the closing costs, do we need to re-disclose the Closing Disclosure?
Answer: Yes, a revised CD is required. It must be sent within 30 days after the association has the information indicating the inaccuracy on the original CD (in this case, when you found out the family member was turning their proceeds back to the buyer/borrower).
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