Starting July 30, mortgage lenders will have to be compliant with new disclosure rules that require a faster delivery of the Good Faith Estimate they offer when sharing the costs of mortgage loans — from refinancings to purchases to home equity loans. National Mortgage News Online reports on the new mortgage loan disclosure requirements:

On applications taken after July 29, lenders must deliver the GFE to the borrower within three business days and they cannot collect any fees before delivery — except for the credit report. The TILA rule also requires lenders to “wait seven business days after they provide the early disclosures before closing the loan,” according to the Federal Reserve Board. If the financing charges or annual percentage rate changes, the lender must provide a new disclosure with the revised APR “and wait another three business days before closing the loan,” the Fed says. Consumers can waive this three-day waiting period in emergency situations such as a foreclosure.

The idea is to help consumers get the best interest rate possible, as well as receive the opportunity of getting a good interest rate if things should change.