The Consumer Financial Protection Bureau (CFPB) Friday finalized updates to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule. CUNA supports a number of revisions, which are intended to formalize guidance in the rule, and provide greater clarity.
TRID took effect Oct. 3, 2015, creating new forms for consumers when applying for a closing a mortgage.
CUNA-backed revisions include:
The changes will become effective within 60 days of publication in the Federal Register, which is expected in the coming days.
In addition to finalized several TRID changes, CFPB also issued a TRID proposal addressing when a creditor may use a Closing Disclosure form, instead of a Loan Estimate form, to determine if an estimated closing cost was disclosed in good faith and within tolerance.