Articles

Daylight Savings Time Ending Means Disclosure Review Time!

December 2, 2020 - 2 min read

Since the Credit Card Accountability Responsibility and Disclosure (CARD) Act was passed back in 2009, the time change has impacted various consumer disclosures financial institutions must provide, such as conforming payment notices for credit cards and consumer mortgage loans, as well as the Loan Estimate disclosure under TRID. Conforming payment notices should be reviewed to…

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CFPB’s Interpretive Rule to Address Waiving TRID & Rescission Timing Requirements

June 8, 2020 - 3 min read

The CFPB has issued an interpretive rule to provide guidance to creditors and other covered persons involved in the mortgage origination process. The Bureau understands the COVID-19 pandemic could pose temporary business disruptions and challenges for covered persons that are involved in the mortgage origination process, including creditors, loan originators, settlement agents, and other parties…

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CFPB Requests for Information Regarding TRID

March 17, 2020 - 2 min read

The Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth-In-Lending Act (Regulation Z) Rule and certain amendments. The Bureau is requesting public comment on its plans for assessing this rule, as well as certain recommendations and information…

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TRID Construction FAQs

September 17, 2019 - 3 min read

On May 31, 2019, the CFPB released two new frequently asked questions (FAQs) to address the application of the TILA-RESPA Integrated Disclosure (TRID) rules to consumer construction loans. FAQ #1: Are construction-only loans or construction-permanent loans covered by the TRID Rule? Yes. Generally, a loan, including a construction-only and construction-permanent loan, is covered under TRID if…

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