CFPB Finalizes Revisions to TRID Timing Rules

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Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has announced a technical change to its October 2015 “Know Before You Owe” mortgage disclosure rule. The change to what is generally known as the TILA-RESPA Rule or “TRID’ relates to when a creditor may compare loan closing-related charges paid by or imposed on the consumer to the amounts disclosed on a Closing Disclosure as opposed to a Loan Estimate, in order to comply good faith rules. When TRID originally went into effect it was accompanied by new Loan Estimate and Closing Disclosure forms that are provided to consumers when they apply for and close on a loan. Under the rule, an estimated closing cost is disclosed in good faith if the charge paid by or imposed on the consumer does not exceed the amount originally disclosed , subject to certain…(read more)

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