47 CONSUMER FINANCIAL PROTECTION BUREAU
8.8 May a creditor use a revised Loan
Estimate if the initial Loan Estimate
expires? (§ 1026.19(e)(3)(iv)(E))
Yes. If the consumer indicates an intent to
proceed with the transaction more than 10
business days after the Loan Estimate
was delivered or placed in the mail to the
consumer, a creditor may use a revised Loan
Estimate. (§ 1026.19(e)(3)(iv)(E); Comment
19(e)(3)(iv)(E)-1). No justification is required
for the change to the original estimate of a
charge other than the lapse of 10 business
days.
8.9 Are there any other circumstances
where creditors may use revised Loan
Estimates?
Yes. In addition to the circumstances described
above, creditors also may use a revised Loan
Estimate where the transaction involves
financing of new construction and the creditor
reasonably expects that settlement will occur
more than 60 calendar days after the original
Loan Estimate has been provided.
(§ 1026.19(e)(3)(iv)(F))
Creditors may use revised Loan Estimates in
this circumstance only when the original Loan
Estimate clearly and conspicuously stated that
at any time prior to 60 days before consummation the creditor may issue revised disclosures.
(Comment 19(e)(3)(iv)(F)-1)
Creditors should count the number of
business days from the date the Loan
Estimate was delivered or placed in the mail
to the consumer, and use the definition of
business day that applies for purposes of
providing the Loan Estimate.
(§ 1026.19(e)(1)(iii) and Comment
19(e)(1)(iii)-1; § 1026.2(a)(6))
A new construction loan is a loan for the
purchase of a home that is not yet
constructed or the purchase of a new home
where construction is currently underway,
not a loan for financing home improvement,
remodeling, or adding to an existing
structure. Nor is it a loan on a home for
which a use and occupancy permit has been
issued prior to the issuance of a Loan
Estimate.