The Consumer Financial Protection Bureau (CFPB) issued a number of CUNA-requested clarifications Friday to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule.
“We’ve been advocating for many of these proposed changes since January and initially found the CFPB hesitant to make any changes. Today's announcement shows they are listening when CUNA, the leagues and credit unions speak,” said Jim Nussle, CUNA president/CEO. “We thank Director Cordray for proposing these changes that we believe should be, overall, helpful to credits unions by adjusting some of the issues we pointed out with the initial disclosure rule that went into effect last Oct. 3.”
CUNA is still analyzing the proposal, but several CUNA-requested changes immediately apparent are:
CUNA continues its analysis of the proposal, but has also found positive changes in areas such as: affiliate charges; construction loans; escrow account disclosures; expiration dates for the closing costs disclosed on the Loan Estimate; lender and seller credits; model forms; partial payment policy disclosures; post-consummation fees; disclosure and good faith determination of property taxes and property value; and informational updates to the disclosures.
Comments are due Oct. 18, and according to the CFPB, comments will be "weighed carefully" before final regulations are issued.