Archive

TRID AND THE END OF DAYLIGHT SAVING TIME

Daylight Saving Time (DT) ends on November 71, 2021 at 2:00 a.m. What does DST have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the […]

FIVE TRID FAQS ADDED

The Consumer Financial Protection Bureau has added five new questions and answers related to Housing Assistance Loans to the TILA-RESPA Integrated Disclosure FAQs. The new questions, which are effective immediately, cover: Are housing assistance loans covered by the TRID rule? What are the criteria for the Regulation Z Partial exemption from the Loan Estimate and Closing Disclosure Requirements? What are the criteria for the BUILD Act Partial Exemption from the Loan Estimate and Closing Disclosure […]

TRID AND DAYLIGHT SAVING TIME

Daylight Saving Time (DT) begins on Sunday March 14, 2021 at 2:00 a.m. It ends on November 7, 2021 at 2:00 a.m. What does DT have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in […]

CFPB SPRING 2020 AGENDA

On June 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its Spring 2020 Agenda. The agenda lists the regulatory matters that the CFPB expects to focus on between May 1, 2020 and April 30, 2021. Those matters include: A final rule amending the CFPB’s Remittance Rule to provide tailored exceptions that permit certain insured institutions to disclose estimates instead of exact amounts to consumers in certain circumstances. The final rule also increases (from 100 remittance […]

RECENT TRID GUIDANCE – FACTSHEET AND FAQS

On June 9 the Consumer Financial Protection Bureau (CFPB) published a nine-page booklet entitled Factsheet:  TRID Title Insurance Disclosures. The factsheet clarifies the disclosures for both Lender and Owner’s Title Insurance, including the disclosure of a simultaneous issuance. Several helpful examples are included. On June 9 the CFPB also published three new Frequently Asked Questions (FAQs). The new FAQs explain: Seller-Paid Loan Costs and Other Costs on Separate Closing Disclosures to the Seller and the […]