- Business Rules
On a Loan Estimate for a locked rate, how does the consumer know the rate lock expires for funding on a refinance?There is no allowance for placing a notice on the Loan Estimate regarding the distinction that the rate lock expiration date for a refinance is tied to the funding date (disbursement date) rather than the closing date. If you want to make that distinction to the consumer, a recommendation could be that you either identify this fact in any rate lock agreement with the consumer or include a separate notice when the revised Loan Estimate is delivered stating this fact.
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here