WASHINGTON—The CFPB has updated its TILA/RESPA integrated disclosure rule's (TRID) small-entity compliance guide with new guidance on construction loans and tolerance provisions for the total of payments.
NAFCU said credit unions may find the update useful as they work to comply with the revised rulemaking.
The small-entity compliance guide incorporates amendments and clarifications included in the CFPB's final rule, also referred to as the TRID "fix," issued in July, reported NAFCU, adding that updates to the guide include:
- Disclosing cures for tolerance violations
- Requirements and guidance on current requirements for tolerances in the good faith analysis
- Requirements and guidance for providing revised loan estimates
- Requirements for permitting a consumer to shop and providing the written list of service providers
- Coverage for cooperative units, trusts, and the partial exemption for certain housing assistance loans
- Guidance on lender and seller credits, including impacts to the good faith analysis
- Guidance on disclosing transactions with a simultaneous subordinate-lien loan
- Requirements for providing corrected closing disclosures for changes to per diem interest
- Guidance on sharing disclosures with third parties
- The safe harbor provided by correct use of sample forms