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On the Loan Estimate if you do NOT lock your rate how long does your closing cost have to be good for before they expire?
As of today, the estimated closing cost has to be good for at least 10 business days per RESPA FAQ (GFE – Expiration #1). Is there a prescribed time-frame under TRID?
It is worded a little differently, but there is a similar 10 day timeframe. Reg Z says one of the reasons that you can issue a revised loan estimate is that more than 10 days have elapsed before the consumer gives their intent to proceed. See 1026.19(e)(3)(iv)(E). Also see p. 381 of the preamble: https://files.consumerfinance.gov/f/201311_cfpb_final-rule-preamble_integrated-mortgage-disclosures.pdf.
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