CFPB Announces Updates to ‘Know Before You Owe”

This past Friday, the CFPB announced proposed updates to TRID. Proposed changes include: 1) Tolerance provisions for the total of payments that parallel existing tolerances for the finance charge and disclosures affected by the finance charge. 2) further promotion on Housing Assistance programs by clarifying that recording fees and transfer taxes may be charged in connection with those transactions without losing eligibility for the existing ‘partial exemption’. These fees will also be exempt from the rule’s limitation on costs. 3) All Cooperatives will now be covered under the rule regardless if they are treated as real property or personal property by state law. 4) Clarification as to how creditors may provide separate disclosure forms to the consumer and the seller. The proposal is open to public comment until Oct. 18, 2016.

http://www.consumerfinance.gov/policy-compliance/rulemaking/rules-under-development/amendments-federal-mortgage-disclosure-requirements-under-truth-lending-act-regulation-z/

 

 

Author: Audrey Acquisti

20+ years mortgage banker and broker experience. President/CEO of MSource Training & Consulting, Inc. NMLS Instructor, Michigan real estate continuing education instructor, QC/Audit/Compliance Specialist, 2008 President of Michigan Mortgage Brokers Association, Author of Mortgage Essentials Comprehensive 20 HR. Course-NMLS approved. Education Consultant for the Michigan Mortgage Lenders Assoc. Specialties: Mortgage training, consulting, mortgage related Policies & Procedures, and full Quality Control/Audit/Compliance services for the mortgage industry.