CFPB Issues Support Material for 2017 Final TRID Rule

August 31, 2017

CFPB Issues Support Material for 2017 Final TRID Rule

The Consumer Financial Protection Bureau has issued a summary of changes and clarifications to support implementation of its recently issued final rule for the TILA-RESPA Integrated Disclosures (TRID).

The document summarizes most of the final rule clarifications and changes, and provides relevant citations. Areas addressed include:

  • Effective date and mandatory compliance date
  • Covered transactions
  • Good faith requirement and revised disclosures
  • Shopping for settlement services
  • Disclosure of principal reductions
  • Total of payments disclosure
  • Simultaneous subordinate lien loans
  • Construction loans
  • Use of positive and negative numbers for certain disclosures in the Loan Estimate and Closing Disclosure
  • Rounding
  • Calculating cash to close
  • Disclosure of payoffs of existing liens and unsecured debt
  • Disclosure of estimated value when no sales price or appraised value
  • Separation of consumer and seller information on Closing Disclosures
  • Other disclosures in the Loan Estimate
  • Other disclosures in the Closing Disclosure

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