A lender initially discloses an APR of 6.08%, but later finds it is actually 6.135%. What must the lender do?

The situation involves the lender initially disclosing an Annual Percentage Rate (APR), which is then found to be inaccurate. In this case, the requirement for re-disclosure and the waiting period is based on the tolerance thresholds defined under the Truth in Lending Act (TILA) and its regulations.

When the APR changes from 6.08% to 6.135%, the change is within the tolerance levels typically accepted. Under TILA, a discrepancy in the APR is only required to be disclosed if the change exceeds a tolerance threshold of 0.125%. Since the difference here is less than that threshold, the lender is not obligated to re-disclose the change or wait for a specific period before closing the transaction. This maintains the efficiency of the lending process while ensuring that minor adjustments that do not materially affect the borrower do not cause unnecessary delays.

While other responses suggest various requirements for waiting periods and re-disclosures, the absence of a legal obligation to adjust for minor inaccuracies justifies the correctness of the choice given. Thus, the lender's decision not to undertake any further action aligns with regulatory standards.