The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule (click here) proposing two amendments to the TILA-RESPA Integrated Disclosures Rule: (1) an adjustment to the timing requirement for revised disclosures when the consumer locks a rate after the initial disclosures are provided; and (2) an amendment to permit language related to new construction loans to be included on the Loan Estimate: (1) The CFPB is proposing to amend §1026.19(e)(3)(iv)(D), which states that, in order to revise the estimated amounts used to determine good faith pursuant to §1026.19(e)(1), creditors must redisclose interest rate dependent charges and loan terms on the date that the rate is locked. The CFPB is proposing to amend the timing requirement to state that creditors must provide a revised disclosure no later than the next business day after the date the rate is locked, instead of the same date.
