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Past Event
12 September 2017



There’s More to “Know” in “Know Before You Owe”: CFPB Finalizes TRID Changes and Clarifications

It’s official – TRID changes are happening. On July 7, 2017, nearly a year after the Consumer Financial Protection Bureau (“CFPB”) issued a Notice of Proposed Rulemaking (“NPRM”) to amend the TILA-RESPA Integrated Disclosure rule (“TRID”), the CFPB announced regulations to finalize TRID changes and clarifications. For the most part, the CFPB has finalized its proposals with modifications here and there to address issues and questions raised in public comments. The CFPB has also declined to finalize certain proposals based on concerns regarding unintended consequences or potential borrower confusion. The CFPB has also offered a new proposal with a 60-day comment period on the unresolved “black hole” issue.

Join Phil Schulman, Holly Spencer Bunting and Charles Weinstein for a 60-minute webinar highlighting some of the significant final regulations and how they differ from the CFPB’s NPRM. This webinar will cover:

  • How the CFPB is addressing the “black hole” for resetting tolerances
  • Clarification regarding the sharing of borrower and seller Closing Disclosures with parties to a transaction
  • Guidance on completion of disclosures for construction-to-permanent mortgage loans
  • Tolerances applicable to closing costs where a written list of settlement service providers is required
  • Changes to certain disclosures on the CFPB’s Loan Estimate and Closing Disclosure forms, including changes to the Cash to Close table and the disclosure of rounded numbers and percentages
  • A summary of other significant clarifications to address ambiguities and resulting challenges under TRID
  • Effective date and mandatory compliance date
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