As existing regulations are revised and new regulations are published existing procedures need to be updated. Procedure Updates are designed to simplify the task of updating existing procedures, regardless of where the existing requirement is lodged. Procedure Updates include operating procedures, controls and audit procedures. Each set of procedures are completely customizable. You may add the name of the financial instruction, the name of the person responsible for specific actions, or make any other needed changes.
The Consumer Financial Protection Bureau (CFPB) approved final rules to revise TRID disclosures on July 7, 2017. The timing and delivery rules for TRID disclosures for construction loans have been clarified. The 2017 TRID Amendments Delivery of Disclosures for Construction Loans Procedures Update reflects these amendments and contains an overview of the new requirements, a regulatory citation, the effective date, revised operating procedures, control procedures, and audit procedures for both the prohibited clauses and the credit insurance prohibitions.