Answer:
by Randy Carey: Yes
37(a)(13) Rate lock.
2. Expiration date. The disclosure required by § 1026.37(a)(13)(ii) related to estimated closing costs is required regardless of whether the interest rate is locked for a specific period of time or whether the terms and costs are otherwise accepted or extended.
Answer:
by John Burnett: And the date that the estimated closing costs expire has to be at least ten business days after the date the Loan Estimate is issued. That ten days coordinates the expiration date with the provision in Regulation Z § 1026.19(e)(3)(iv)(E) that allows a lender to issue a revised Loan Estimate resetting ALL closing costs if an applicant "indicates an intent to proceed with the transaction more than ten business days after" the Loan Estimate is provided.
If the date provided as required by § 1026.37(a)(13)(ii) is more than 10 days after the Loan Estimate is provided, the number of days the applicant has to indicate an intent to proceed under § 1026.19(e)(3)(iv)(E) is increased accordingly.
Once the consumer has indicated an intent to proceed, any Loan Estimate issued thereafter should not include an entry in that date field.
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