Posted To: MND NewsWire
The Consumer Financial Protection Bureau (CFPB) is proposing changes to its Know Before You Owe Mortgage Disclosure Act, usually referred to in the industry as TRID. CFPB said the changes are intended to formalize guidance about the rule and provide greater clarity and certainty. The Bureau is invited written comments on the changes until October 18. The TRID rule took effect on October 3, 2015 after several delays. The rule and associated disclosure forms were designed to provide borrowers with clear and consistent information about the mortgage loans they are receiving and limits changes that can be made to the original loan estimate. Proposed changes include: Tolerances for the total of payments: Prior to the implementation of TRID the total of payments disclosure was determined using the...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2aumsPu
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