Final TRID Amendments Published
On August 11, 2017, the CFPB published the final TRID amendments in the Federal Register. The publication establishes the effective date of the changes as 10/10/17.
However, the mandatory compliance date will be for all applications received on or after October 1, 2018.
The new rules include:
Creates tolerances for the Total of Payments disclosure as it relates to a consumer’s right of rescission.
Adjusts a partial exemption that mainly affects housing finance agencies and nonprofits.
Provides a uniform rule regarding application of the integrated disclosure requirements to cooperative units.
Provides guidance on sharing disclosures with various parties involved in the mortgage origination process.
Clarifies the allowable use of the alternative LE/CD on subordinate purchase money transactions.
Provides a significant amount of guidance regarding the disclosure of construction loans and construction/permanent loans.
Provides a significant amount of guidance on a wide range of other disclosure issues.
PPDocs is currently going through a detailed analysis of the amendments and making plans to accomplish any required system changes well in advance of the mandatory compliance date.
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