Standardization of Fee Names Essential for TRID
August 20, 2015
In addition to preparing for new timing requirements and tighter fee tolerances, settlement agents and lenders must develop standardized fee names or descriptions for the Loan Estimate and Closing Disclosure. Because the Consumer Financial Protection Bureau wants consumers to be able to compare fee estimates with what’s actually charged at consummation, the TILA-RESPA Integrated Disclosures rule requires fee terminology to be consistent between the two forms. Make sure you are communicating with your lender to ensure fee names are consistent on both forms.
Contact ALTA at 202-296-3671 or communications@alta.org.