The charge voltage is the same as the battery voltage.
They have to be the same because they are connected.
The charging Amps make the battery voltage climb. Say it is 10A.
The battery voltage reaches the regulation voltage, so the dump controller dumps. Say it dumps 15A.
The battery voltage is no longer rising. It is falling.
The 10A charging current is going into the battery, but the dump load is removing 15A from the battery.
The battery is being drained 5A faster than it is being charged. The battery voltage drops.
When the battery voltage goes down enough, the controller stops sending 15A to the dump load. It starts charging again at 10A.
The dump load must be larger than the maximum charging current will ever be.
It happens very quickly with a decent controller. Depending on the conditions within the system and the controller, the cycling happens from a couple times per second to thousands of times per second.
G-