CFPB finalizes TRID updates, revisions, clarifications
The Consumer Financial Protection Bureau (CFPB) Friday finalized updates to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule. CUNA supports a number of revisions, which are intended to formalize guidance in the rule, and provide greater clarity.
TRID took effect Oct. 3, 2015, creating new forms for consumers when applying for a closing a mortgage.
CUNA-backed revisions include:
- Expansion of the partial exemption for certain down payment and homeowner assistance programs;
- Clarification on the treatment of cooperatives;
- Clarifications on construction loans;
- Treatment of escrow accounts (cancellations and disclosures); and
- Information sharing clarifications.
The changes will become effective within 60 days of publication in the Federal Register, which is expected in the coming days.
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