The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule that would make two widely-discussed changes to the TILA-RESPA Integrated Disclosure Rule, which takes effect on August 1, 2015.
First, it would give creditors extra time to provide consumers with revised Loan Estimates after a consumer locks a floating interest rate. The proposal would allow a revised Loan Estimate to be delivered the next business day after the consumer locks their interest rate, instead of requiring delivery on the same day.
Second, the proposal would modify the Loan Estimate form by creating a space where creditors can disclose that consumers may receive a revised Loan Estimate when a construction loan is expected to take more than 60 days to settle. The proposal would also make technical corrections and clarifications to address inconsistencies raised by industry stakeholders, including several identified by CSi.
Comments on the proposal are due November 10.
You can read the proposed rule here.