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Financial Services Law Insights and Observations

CFPB Finalizes TILA-RESPA Integrated Mortgage Disclosure (TRID) Amendments

CFPB TILA RESPA TRID Agency Rule-Making & Guidance

Consumer Finance

As previously reported in our Special Alert on January 20, the CFPB finalized certain amendments to its TRID rule, which combines the mortgage disclosures consumers receive under the Truth in Lending Act and the Real Estate Settlement Procedures Act.  Significant amendments include: (i) allowing three business days for providing a revised Loan Estimate after an interest rate is locked (instead of the current same day requirement and the original proposal’s one business day requirement); and (ii) permitting the inclusion of certain information about construction loans on the Loan Estimate. The final rule, as amended, takes effect August 1.  For more information, please visit our TRID Resource Center.