The CFPB adopted rules amending disclosure requirements under the Truth-in-Lending Act. The rule adoption: creates tolerances for the total of payments; extends coverage of the TRID requirements to all cooperative units; provides guidance with respect to sharing the Loan Estimate and Closing Disclosure with parties involved in the mortgage origination process; and adjusts a partial exemption mainly affecting housing finance agencies and nonprofits. In addition, the rule adoption memorializes the CFPB’s informal guidance on various TRID issues and makes additional clarifications and technical amendments. The rule adoption is effective 60 days after publication of the rule adoption in the Federal Register (on or around September 10, 2017). However, the CFPB is allowing optional compliance with the rule adoption until October 1, 2018. On and after October 1, 2018, compliance with the rule adoption is mandatory.
Click here to view the CFPB Rule Adoption – Amendments to TILA Disclosure Requirements
