In the February 19, 2015 Federal Register (80 FR 8767) the Consumer Financial Protection Bureau (CFPB) published a final rule (click here) making the following amendments to the TILA-RESPA Integrated Disclosures Rule: (1) an extension to the timing requirement for providing a revised Loan Estimate when the consumer locks a rate after the initial Loan Estimate is provided; and (2) an amendment to permit language related to new construction loans to be included on the Loan Estimate: (1) The final rule amends the timing requirement in §1026.19(e)(3)(iv)(D) of Regulation Z for providing a revised Loan Estimate when the interest rate is locked, from the date the interest rate is locked to no later than three business days after the date the rate is locked. Amended §1026.19(e)(3)(iv)(D) reads as follows: Interest rate dependent charges. The points or lender credits change because the interest rate was not locked when the disclosures required under paragraph (e)(1)(i) of this section were provided. No later than three business days after the date the interest rate is locked, the creditor shall provide a revised version of the disclosures required under paragraph (e)(1)(i) of this section to the consumer with the revised interest rate, the points disclosed pursuant to §1026.37(f)(1), lender credits, and any other interest rate dependent charges and terms. (emphasis added)
