Property Records Industry Association Releases Paper on TRID

November 3, 2015

The Property Records Industry Association (PRIA) released an informational paper on the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule.

The paper outlines why recorders should care about TRID, how the changes impact settlement agents and the need to obtain accurate recording fees in advance.

The paper encourages PRIA members to work to change state legislation “to provide a uniform, or predictable, recording fee for each document type.” (See Flat Rate Recording Fees Beginning to Gain Traction)

“Recording fee pricing models based on page count and add-on fees that vary from jurisdiction to jurisdiction are problematic to the industry,” the paper stated. “It is often the case that two recording offices in a state interpret statutory fees differently. Any variances on fees must be corrected by the lenders within 30 days of document signing, not within 30 days of recording.”

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