Question: Does the interest rate need to be locked before a CD is issued? Answer: No. Please reference section 12.8 of the TRID Small Entity Compliance Guide as published by the CFPB, which states: “If the interest rate is locked after the creditor provides the Closing Disclosure to the consumer, the creditor must provide a […]
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By: Lloyd Rutherford, Staff Writer Lenders and consumers have struggled hard with the 4-day waiting period required for the closing disclosure. Read through this update to find out what is changing and how it will affect your practices. Rule Synopsis: Consumer Financial Protection Bureau releases notice of final rule for TILA-RESPA. Changes are related to […]
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