The CFPB replaced long–standing terminology used in the real estate industry in their recently published 1,888 pages of rules that govern mortgage home lending in America. The new vernacular used throughout the new rules and on the new disclosures themselves is defined as follows:

Business Day — A day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. For purposes of rescission under TILA, the term means all calendar days except Sundays and the legal public holidays.

Creditor — A loan originator, lender or banker.

Consumer — A borrower in a residential loan transaction.

Consummation — The day the borrower becomes legally obligated to repay the debt, in other words, the date of the signing of the loan documents.

Variances — The new rule contains three tolerance levels, but describes them as variances and expands the charges that cannot increase at closing to include charges for any service the borrower cannot shop for, as well as charges for any service provided by a subsidiary or affiliate of the creditor.