- Business Rules
The Rate Lock box on the Loan Estimate has a "yes or no" option. We primarily do home equity lending and there is no "lock" and no points. How is that handled?In the case of a closed-end transaction where the purpose is a Home Equity Loan (meaning not a purchase money, refinance or construction loan), you would disclose the interest rate lock as "no" for purposes of the Loan Estimate and provide the expiration date with regard to estimated closing costs. There is no requirement to identify whether the interest rate is locked on the Closing Disclosure.
Citation(s): §1026.37(a)(9) and §1026.37(a)(13)
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here