On Oct 14, 2014, the CFPB announced some changes to the new TILA – RESPA integrated rule introducing the new Loan Estimate and Closing Disclosure. These will replace the current GFE, TIL and HUD-1. If you are not already familiar with the new integrated rule, and these new disclosures, you had better get cracking as it is scheduled for effect in August 2015. You may think you have plenty of time but the new rules require quite a few changes in process and documentation.
For now, the Bureau is proposing two changes (see Proposal # 1) allow the new Loan Estimate due at rate lock to be issued within 1 business day of the lock, rather than requiring it the same day.and 2) allowing the Loan Estimate to include the “New Construction” warning when applicable. These are good changes and should be supported by lenders. To do so, you can provide comment to CFPB by November 10, 2104.