CFPB Proposes Amendments to TRID Rules
On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) issued a 293 page proposal to amend the Truth in Lending and Real Estate Settlement Procedures Act integrated disclosures rules (TRID).
The industry has expected a proposal to address concerns with the original rule and various issues on implementing many of its provisions. The proposed rule addresses both substantive and technical changes and integrates some of the guidance provided in past CFPB TRID webinars.
Among the areas proposed to be changed include credit tolerances for the total of payments, expiration dates for closing costs disclosed on the loan estimate, the list of service providers, payoffs and payments table, rate locks, construction loans, the total interest percentage calculations, and the summaries of transactions table.
Comments on the proposal close October 18, 2016.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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