The CFPB issued a final rule on January 20 amending its new integrated mortgage disclosure rules under Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (TILA) to require lenders to provide a revised Loan Estimate within three business days after a consumer locks in a floating interest rate. The original rule required creditors to provide the revised Loan Estimate on the date the rate is locked. The change becomes effective when the new integrated mortgage disclosure rules become effective on August 1.

     Nutter Notes: The final rule also makes a minor addition to the Loan Estimate form for loans that involve new home construction. The amendment creates a space on the Loan Estimate form where creditors would include language informing consumers that they may receive a revised Loan Estimate for a construction loan that is expected to take more than 60 days to settle, because construction loans sometimes take longer to settle than other loans and the estimated charges can change.