A financing contingency is affected by changing loan terms, but a revised disclosure is not itself proof that a buyer can extend or cancel a purchase agreement. The useful research question is whether the contract deadline, lender evidence, and signed amendment tell the same story.
Measured finding
The Consumer Financial Protection Bureau analyzed de-identified mortgage disclosure data and reported that almost 90% of mortgages received at least one revision, about 62% received a revised Loan Estimate, and about 49% received a corrected Closing Disclosure. The study describes mortgages observed in Bureau data, not every purchase contract or every lender.
Contract evidence
| File item | Record the measurable fact |
|---|---|
| Financing contingency | Date, loan type, approval condition, and notice deadline |
| Loan Estimates | First and last loan amount, rate, APR, and cash-to-close |
| Closing Disclosures | Delivery date and each corrected version |
| Amendment or notice | Signed extension, waiver, cancellation, or absence of one |
The CFPB also reported a median 44 calendar days from application to closing, with the middle half between 35 and 57 days. That is a population measure, not a promised transaction duration. It is useful as context when testing whether a contract's financing window is unusually short.
Source and limits
Source: CFPB, How Mortgages Change Before Origination, published 2020 and based on Bureau mortgage data. It does not decide state-law remedies or establish that a revised disclosure excuses a missed contract deadline.
**Professional disclaimer:** This research is informational and not legal, lending, or real-estate advice.