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Proposed Changes to TRID - Expiration Date on Loan Estimate

Q: Can you please explain the proposed change to TRID regarding the expiration date set forth on page one of the Loan Estimate ("LE")?

A:The Consumer Financial Protection Bureau (the "Bureau") proposed a comment to Section 1026.37(a) (130) to clarify when the expiration date for estimated closing costs may be left off of the LE. The proposed comment states that "once the consumer has indicated an intent to proceed with the transaction, the date and time at which estimated closing costs expire would be left blank on revised Loan Estimates, if any."

Remember, this is just a proposed amendment at this point although this is expected to be part of the final amendments which are expected to be effective at a date to be determined by the Bureau in 2017.

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