- Business Rules
If the Rate Lock Box is checked "YES", why is the additional verbiage appearing in these screen samples? It kind of doesn't make sense to display that on a locked rate except for the expiration date.The additional language regarding "Before closing, your interest rate, points, and lender credits can change unless you lock the interest rate", is promulgated language contained in the model forms. There are no provisions allowing this statement to be removed in the case where the interest rate is locked when the Loan Estimate is delivered to the consumer.
Citation(s): Commentary ¶37-1; Commentary ¶37(o)
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here