The supplementary information for the final TRID rules clarify that the rate lock disclosure applies only to written agreements. Without a written agreement executed by your institution and the borrower, you should disclose that no rate lock agreement is in place — even if you have agreed to honor a rate lock in a verbal agreement.

Similarly, if you enter into a verbal rate lock agreement after providing a Loan Estimate, we do not believe that would trigger the duty to reissue the Loan Estimate. However, if you enter into a written rate lock agreement, that will trigger the duty to reissue the Loan Estimate within “three business days after the consumer and the creditor enter into a rate lock agreement.”

For resources related to our guidance, please see:

• 12 CFR 1026.37(a)(13) (Requirement to disclose whether the interest rate for the transaction is subject to a rate lock agreement.)

• Final Rule, Integrated Mortgage Disclosures, 78 Fed. Reg. 79730, 79919 (December 31, 2013) (“where a creditor has a policy to honor the quoted rate, but does not lock the rate pursuant to a written agreement with the consumer, the creditor would disclose ‘no’ pursuant to § 1026.37(a)(13)(i).”)

• 12 CFR 1026.19(e)(3)(iv)(D) (Requirement to redisclose the Loan Estimate after entering into a rate lock agreement.)

• Official Interpretations, 12 CFR 1026, Paragraph 19(e)(3)(iv)(D), Comment 1 (“If the consumer enters into a rate lock agreement with the creditor after the disclosures required under § 1026.19(e)(1)(i) were provided, then § 1026.19(e)(3)(iv)(D) requires the creditor to provide, no later than three business days after the date that the consumer and the creditor enter into a rate lock agreement, a revised version of the disclosures required under § 1026.19(e)(1)(i) reflecting the revised interest rate, the points disclosed pursuant to § 1026.37(f)(1), lender credits, and any other interest rate dependent charges and terms.”)