LE Intent to Proceed Date and LE Expiration Date

Rate lock triggering the expiration date to be removed inside of LendingPad LOS

Once there is an "Intent to Proceed" date, the system will auto remove the LE expiration date. This is referenced in https://files.consumerfinance.gov/f/documents/cfpb_kbyo_guide-loan-estimate-and-closing-disclosure-forms_v2.0.pdf page 21 under "Rate Lock" section.

Sepcifical references are: 

"Indicate that the rate is locked with Yes, or indicate that the rate is not locked with No.
(§ 1026.37(a)(13))  When the interest rate is locked at the time of the Loan Estimate’s delivery, the date and time (including the applicable time zone) when the lock period ends must
be disclosed. (§ 1026.37(a)(13)(i)) 

The date and time (including the applicable time zone) at which the estimated
closing costs expire are disclosed on the Loan Estimate. (§ 1026.37(a)(13)(ii))
However, the date and time are left blank on any revised Loan Estimate provided
after a consumer has indicated an intent to proceed with the transaction.
(Comment 37(a)(13)-4) "


Please keep in mind that these are merely guidelines in using LendingPad. They are not legal or compliance advice. You should always consult your legal resources or compliance officer in defining your own process.