The CFPB has released a proposal to revise the Integrated Disclosures Rule. Also included within the proposal is a change to the Loan Originator disclosure requirements under §1026.36 of Regulation Z. In addition to some technical changes, the proposal would make the following changes, if finalized:
- Allow a creditor to provide a revised Loan Estimate no later than the business day after locking a rate. The rule currently requires a revised Loan Estimate be provided the same day as a rate lock.
- Clarify where to disclose that a revised Loan Estimate may be issued anytime prior to 60 days before closing when the transaction involves new construction. The current rule did not provide a place on the Loan Estimate for the disclosure. It’s now proposed that a statement be placed under Other Considerations on the last page of the Estimate.
- Add the Loan Estimate and Closing Disclosure to the documents that must include Creditor and Originator names and NMLSR IDs under §1026.36(g).
Comments are due by November 10th.
Published
2014/10/22
Diane Dean