WASHINGTON—CUNA and NAFCU joined other trade organizations last week to back a Senate bill that would make regulatory relief changes to the Real Estate Settlement Procedures Act (RESPA).
The TRID Improvement Act of 2018 (S. 2490) was introduced by Sens. Tim Scott (R-SC) and Doug Jones (D-AL).
The bill would amend RESPA to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
“Under current regulations, the TILA-RESPA Integrated Disclosure (TRID) does not permit disclosure of available discounts for lender’s title insurance on the government mandated disclosure forms. This creates inconsistencies in mortgage documents and causes confusion for consumers,” the letter reads. “S. 2490 would reduce this confusion by allowing title insurance companies to disclose available discounts and accurate title insurance premiums to consumers. This straightforward fix would benefit consumers across the country.”
The House version of the bill, H.R. 5078, passed the House in February by voice vote, after passing through committee with a 53-5 vote in November 2017.
The text of the bill is also part of the House’s financial services and general government appropriations legislation for fiscal year 2019, which was passed by committee in June.