CFPB Updates TRID FAQs for Loan Estimate
The Consumer Financial Protection Bureau (CFPB) has updated its TILA-RESPA Integrated Disclosure (TRID) frequently asked questions to include items regarding provision of the Loan Estimate to consumers.
The questions outline the six required pieces of information that, once collected, begin the clock to run on providing the initial Loan Estimate.
- The consumer’s name;
- The consumer’s income;
- The consumer’s social security number to obtain a credit report;
- The property address;
- An estimate of the value of the property; and
- The mortgage loan amount sought.
The CFPB clarifies that, once the six pieces of information have been received, the initial Loan Estimate may not be held pending additional verifying information.
Additionally, if the consumer is seeking to obtain pre-approval or pre-qualification and submits the six pieces of information, a Loan Estimate is required to be issued.
View the CFPB’s TRID frequently asked questions via the below link:
Margaret Wright, JD, is regulatory compliance director with CLA. She is a graduate of Stonehill College and earned her juris doctor at Suffolk University Law School. She is admitted to the Massachusetts Bar.
Comments are closed.