Effective August 1, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule (click here), amending the TILA-RESPA Integrated Disclosures Rule to (i) extend the time requirement for a revised Loan Estimate when the consumer locks an interest rate after the initial Loan Estimate and (ii) permit language on the Loan Estimate informing borrowers of a revised Loan Estimate for a construction loan that is expected to take more than 60 days to settle. The final rule also amends the TILA Loan Originator Rule to require the loan originator names and NMLSR IDs on the Loan Estimate and the Closing Disclosure. Additionally, the final rule makes non-substantive corrections, including citation and cross-reference updates, and wording changes for clarification purposes, to various provisions of Regulations X and Z as amended or adopted by the TILA-RESPA Integrated Disclosures Rule. TILA-RESPA Integrated Disclosures Rule: The final rule amends §1026.19(e)(3)(iv)(D) of Regulation Z to provide that no later than three business days after the date the interest rate is locked, creditors must provide a revised Loan Estimate with the revised interest rate and the interest rate dependent charges and terms.

Complete Memorandum