On which day can a borrower close if they receive their closing disclosure on a Monday?

The closing of a loan transaction can occur after the borrower has received their Closing Disclosure (CD), which is a critical document providing details about the loan and the terms of the mortgage. According to regulations, there is a mandatory waiting period that begins the day after the CD is received.

If the borrower receives their Closing Disclosure on a Monday, the waiting period would start on Tuesday. The borrower must wait at least three business days before closing can take place. Business days typically exclude Sundays and federal holidays. Therefore, counting the days:

1. Tuesday (day 1)
2. Wednesday (day 2)
3. Thursday (day 3)

Since three business days would have passed by the end of Thursday, the earliest the borrower could legally close would be the following day, which is Friday. Hence, the accurate conclusion is that the borrower can close on Friday, confirming that Thursday was indeed the last day of the waiting period.

This context clarifies the correct answer as Thursday because it marks the completion of the three-day requirement, thus making Friday the first permissible closing date following that waiting period.