- Business Rules
How does the rule apply to loans receiving adverse action or loan cancellation prior to issuing the Loan Estimate?The Loan Estimate is not required under 1026.19(e)(1)(i) as long as the adverse action occurs prior to the expiration of the three general business day requirement after receipt of the application by the creditor or mortgage broker. If the creditor fails to provide early disclosures and the transaction is later consummated on the terms originally applied for, then the creditor does not comply with §1026.19(e)(1)(i). If, however, the consumer amends the application because of the creditor’s unwillingness to approve it on the terms originally applied for, no violation occurs for not providing disclosures based on those original terms. But the amended application is a new application subject to §1026.19(e)(1)(i).
Citation(s): Commentary ¶19(e)(1)(iii)-3
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here