Under TRID 2.0, the “closing costs expiration” date and time on the LE is to be left blank on any revised LE, per the following Official Staff Comment:
“Once the consumer indicates an intent to proceed within the time specified by the creditor under § 1026.37(a)(13)(ii), the date and time at which estimated closing costs expire are left blank on any subsequent revised disclosures. The creditor may extend the period of availability to expire beyond the time disclosed under § 1026.37(a)(13)(ii). If the consumer indicates an intent to proceed within that longer time period, the date and time at which estimated closing costs expire are left blank on subsequent revised disclosures, if any. See comment 19(e)(3)(iv)-5.” (12 CFR Pt. 1026, Supp. I, Paragraph 37[a] – 4; 82 FR 37781 )
As a result, we will be modifying both the English- and Spanish-versions of our generic LE’s so that nothing appears after “on” in the last sentence of the “Rate Lock” subsection (“All other estimated closing costs expire on”), to match the format of Model Form H-24(A) (see 12 CFR Pt. 1026, App. H). This will occur under the following conditions:
- TRID 2.0 Indicator (FI 118689) = Yes
- Buyer indicated intent to proceed (FI 109221) = Yes
- Document Package Type (FI 18215) = Redisclosure; or
- LE/GFE Redisclosure Indicator (FI 45894) = Yes
These changes will take effect on June 5, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.