United States

CFPB updates TRID Guide


On Dec. 6, 2017, the Consumer Financial Protection Bureau (CFPB) released an updated version of the TILA-RESPA Integrated Disclosure (TRID) Guide to the Loan Estimate and Closing Disclosure forms that reflects the final rule changes issued on July 7, 2017, and published on Aug. 11, 2017. The 114-page guide incorporates changes and clarifications to multiple sections of both the Loan Estimate and Closing Disclosure, although additional guidance for completion of these forms for construction loans is provided in the separate, companion Small entity compliance guide updated and released in October 2017.

Some key clarifications include:

  • Completion of Loan Estimate and Closing Disclosure fields when disclosures are provided to a trustee on behalf of a trust
  • Completion of Loan Estimate and Closing Disclosure fields for construction-permanent loans disclosed as a single transaction
  • Nondisclosure of rate lock date and time on any revised loan estimate provided after a consumer has indicated intent to proceed
  • Nondisclosure of the loan-level pricing adjustment as an origination charge if accounted for through the rate and not charged as a direct up-front fee
  • Disclosure of service and fees for services the creditor requires
  • Statement that the Other field of the Loan Costs section does not include construction costs, payoffs of existing liens, or payoffs of other secured debt or unsecured debt
  • Completion of the Calculating Cash to Close table
  • Additional detail for use in completion of the General Information section of the Closing Disclosure
  • Completion of the Other Costs sections of the Closing Disclosure, including the retention of inapplicable lines in the Prepaid section of the disclosure
  • Disclosure of principal reductions to offset closing costs that exceed the legal limit
  • Completion of the Summaries of Transactions table
  • Disclosure of the creditor’s partial payments policy