After much advocacy from lenders and the mortgage servicing industry, the Consumer Financial Protection Bureau recently released its proposed changes to the TILA-RESPA Integrated Disclosure (TRID) Rule, intended to eliminate the “black hole” issue, which was not addressed in TRID amendments the bureau released in July 2017.
The proposal would allow creditors to reflect cost changes using initial or corrected closing disclosures to determine if an estimated closing cost was disclosed in good faith, regardless of when the closing disclosure was provided relative to consummation.
Find out what some financial trade associations are saying about the amendments.