Mortgage disclosure regulation has over 43 years of history. As mandated by the Dodd-Frank Act, completely new mortgage disclosure rules and forms were implemented for this new regulatory landscape.
On August 15, 2016, the Consumer Financial Protections Bureau (CFPB) published proposed clarifications with respect to the TRID disclosures. These clarifications identify the issues that have been brought to the CFPB’s attention along with their proposed solutions as well as a general request to overhaul a section that has proven to be particularity troublesome - the Calculating Cash to Close Table. As such, this proposed rule (and also when published as final) is acting as an “informal” commentary on current issues that we are all facing. Thus, it is extremely helpful in situations when we are responding to auditors and regulators who are questioning certain areas in which there may not be an appropriate answer until these issues have been settled.
- Overview of the TRID Rules
- Revised Definitions and Exemptions
- Rules and Requirements for Providing the Loan Estimate
- Consumer’s Ability to Waive Waiting Periods Before Consummation
- Rules for Shopping for Settlement Service Providers
- Prohibitions and Limitations on Creditors’ Predisclosure Activities
- Determining Estimates of Closing Costs Good Faith Requirement
- Revised and Corrected Disclosures
- Changes Requiring New Waiting Period Before Consummation
- Resolving Clerical Errors and Refunds Related to the Good Faith Analysis
- Post Consummation Escrow Cancellation Disclosure
- New Record Retention Requirements
- Detailed Analysis of the Loan Estimate and Closing Disclosure
For more information and to register, please see the program brochure.