CFPB Proposes Updates to TRID Disclosures

On Friday, July 29, 2016, the CFPB issued a proposal to amend the TILA-RESPA Disclosure (TRID) Rule in order to formalize guidance and for technical changes. Comments on the proposal are due on October 18, 2016.

The proposed amendments include:    

  • Tolerances for Total Payments: The Bureau proposed including tolerances for the “total of payments” calculation to mimic the finance charge tolerances which existed before the TRID rule was implemented.
  • Housing Assistance Lending: The CFPB proposed allowing lenders to charge recording fees and transfer taxes without loss of eligibility for the partial exemption granted to certain housing assistance loans. In addition, recording fees and transfer taxes would be excluded from the TRID exemption’s cost limits.
  • Cooperatives: The proposal would include cooperatives under the TRID Rule’s coverage.
  • Privacy and Information Sharing: The agency proposed commentaries to the TRID rule clarifying when creditors can share mortgage disclosures with third-parties related to the transaction, such as seller and real estate brokers.