In what situation can redisclosure be waived?

Redisclosure can be waived in the context of a bona fide financial emergency. This situation typically arises when the borrower faces urgent, unforeseen financial circumstances that require immediate action regarding their mortgage or financing. In such cases, rushing the process may not allow the lender to provide the customary disclosures, and the law recognizes this urgency by permitting a waiver.

It's important to understand that while other situations, such as stable rates, borrower requests, or lender approvals, may seem like potential reasons for waiving redisclosure, they do not meet the stringent criteria that a bona fide financial emergency presents. A bona fide financial emergency is characterized by a situation requiring immediate financial assistance to avoid severe personal consequences, which justifies the exemption from standard redisclosure requirements in the interest of expediency and borrowers' immediate needs.