What should a broker do if the lender does not provide the Closing Disclosure on time?

QUESTION: My buyer’s closing is scheduled for tomorrow, and the closing attorney only received the Closing Disclosure from the lender today and immediately sent it to us. The parties want to proceed and close three days from today, but the amount of my commission is incorrect. I was told that pushing for a correction will delay closing even further and put the deal at risk because the sellers need to close so they can buy another property. What should I do?

ANSWER: Amending the Closing Disclosure (or settlement statement) to make sure your commission is correct is not a change that should restart the three-day window under federal law. So, the closing attorney may correct the Closing Disclosure for your commission and close three days from today.

The Closing Disclosure is governed by Regulation Z, which generally requires that if a loan is part of the transaction, then the borrower must receive the Closing Disclosure at least three business days before consummation of most residential mortgage loans. If the borrower receives the disclosure for the first time the day before closing, the transaction typically cannot proceed as scheduled. Note, however, that if a Closing Disclosure is timely provided, not all changes will restart the three-day requirement for consumer review. Changes that will cause the three-day window to reset are:

• Changes to APR above 1/8 of a percent (1/4 of a percent for loans with irregular payments or periods);
• Switching the loan product; and
• Adding a prepayment penalty.

Broker compensation is determined by contract, such as a listing agreement or buyer agency agreement, and not by the Closing Disclosure itself. The purpose of the Closing Disclosure is to accurately reflect the financial terms of the transaction, including the compensation that has already been agreed upon. If the Closing Disclosure contains an error in the broker’s compensation, the broker should promptly notify the lender and closing attorney and request that the disclosure be corrected. In most cases, correcting a commission figure will not require a new three-day waiting period and should not delay closing.

In this case, you might also consider filing a complaint with the Consumer Financial Protection Bureau. The lender’s inability to timely deliver the Closing Disclosure in this case presented serious risks to both the buyer and the seller. The CFPB may investigate and act against the lender to ensure that they deliver Closing Disclosures on time in the future.

Release Date: 4/9/2026

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