TRID

CFPB-TRID-RESPA FAQs Update – Loan Estimates

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses frequently asked questions on Loan Estimates. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules. They communicate these clarifications through the TRID-RESPA FAQs, which [...]

2019-08-09T13:33:31-05:00August 12th, 2019|

CFPB – TRID-RESPA FAQs Update – Construction Loans – Dated May 31, 2019 – Effective Immediately

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements.  In this update the bureau addresses construction loans. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules.  They communicate these clarifications through the TRID-RESPA FAQs, which we have attached below [...]

2019-06-07T10:42:51-05:00June 10th, 2019|

CFPB – Consumer Financial Protection Bureau Releases List of Counties for 2019 that Qualify as Rural or Underserved Counties – Dated March 2019

Written By: Lloyd Rutherford, Staff Writer Each year the CFPB updates their Rural and Underserved Counties list.  You may not think this update applies to your origination business, but read closely and learn from our expert how these underserved areas may be a great niche for you to participate in. Rule Synopsis: Consumer Financial Protection [...]

2019-03-10T14:40:09-05:00March 10th, 2019|

Compliance – Change of Circumstance – Fees Disclosure: What are the timing requirements if a CD has been issued and a valid change of circumstance occurs? In our case a POA was added, which resulted in an increase of recording fees.

Answer: It can be disclosed on the CD even if the initial CD has gone out. The fee can be increased as long as it is re-disclosed no later than 3 days after finding out about the POA. Your example does not reset the 3-day clock for closing. The APR is not increasing more than [...]

2019-02-21T16:13:23-05:00February 25th, 2019|

CFPB – TRID [TILA-RESPA Integrated Disclosure] FAQ Released January 25, 2019

Written By: Tammy Butler, Master CMB Hooray!  More clarity on TRID!  Anytime we don’t have to guess what to do regarding disclosures, is a happy day.  Read this quick FAQ to learn more. Rule Synopsis: On October 3, 2015 [yes, 3.5 years ago] TRID [TILA-RESPA Integrated Disclosure] changed the way that mortgage lenders disclose loans.  With [...]

2019-02-15T16:00:37-05:00February 10th, 2019|