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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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.