Do take note that all CFPB documents that the borrower can get there hands on say that consummation is when the loans closes and then the borrower(s) is fully committed to the loan.
I don't think the CFPB has said that at all. They are very explicit that the definition of consummation and settlement are two very different things:
As noted above, the Bureau recognizes that ‘‘consummation’’ and ‘‘settlement’’ may not coincide in some jurisdictions. Indeed, the definition of ‘‘settlement’’ in Regulation X indicates that a settlement is not necessarily a singular event involving the execution of one agreement, but is instead a ‘‘process of executing legally binding documents’’ regarding a lien on property that is subject to a federally related mortgage loan. See 12 CFR 1024.2(b). Thus, in some jurisdictions, a settlement may begin before ‘‘consummation’’ under Regulation Z, and, in some jurisdictions, may conclude later."