True or False: The closing disclosure must be delivered to the consumer no later than three business days before consummation.

The statement is accurate because the closing disclosure is a critical document in the home buying process that outlines the final terms of the loan, including the costs and fees associated with closing. According to the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), lenders are required to provide this disclosure to the consumer at least three business days prior to the consummation of the loan. This timeframe allows consumers the opportunity to review the terms and understand the financial implications before finalizing the transaction, ensuring they are fully informed.