(CFPB Revises TRID to Remove the “Black Hole”)

Effective June 1, 2018

The Truth-in-Lending/RESPA integrated disclosure (TRID) rule requires creditors to provide consumers with good faith estimates of the loan terms and closing costs on a Loan Estimate. Under the rule, an estimated closing cost is disclosed in good faith if the charge paid by or imposed on the consumer does not exceed the amount originally disclosed, subject to certain exceptions (i.e., the aggregate 10% and variations permitted tolerance categories).

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