NO WAIT FOR LOWER MORTGAGE RATES.

SEC. 109. NO WAIT FOR LOWER MORTGAGE RATES. (a) In General.—Section 129(b) of the Truth in Lending Act (15 U.S.C. 1639(b)) is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: “(3) No wait for lower rate.—If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1) with respect to the second offer.” . (b) Sense of Congress.—It is the sense of Congress that, whereas the Bureau of Consumer Financial Protection issued a final rule entitled “Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)” (78 Fed. Reg. 79730 (December 31, 2013)) (in this subsection referred to as the “TRID Rule”) to combine the disclosures a consumer receives in connection with applying for and closing on a mortgage loan, the Bureau of Consumer Financial Protection should endeavor to provide clearer, authoritative guidance on— (1) the applicability of the TRID Rule to mortgage assumption transactions; (2) the applicability of the TRID Rule to construction-to-permanent home loans, and the conditions under which those loans can be properly originated; and (3) the extent to which lenders can rely on model disclosures published by the Bureau of Consumer Financial Protection without liability if recent changes to regulations are not reflected in the sample TRID Rule forms published by the Bureau of Consumer Financial Protection.