THE CLOSING GUIDE / Blog
August 20, 2016
Regulatory News: TRID Comment Period Now Open
The public comment period for proposed amendments to the TILA-RESPA Integrated Disclosures (TRID) rule is underway, meaning that lenders, national title agencies, and other concerned parties can finally give their two cents on the disruptive regulation.
TRID Comment Period Now Open
Though TRID isn’t being repealed, the Consumer Financial Protection Bureau (CFPB) is “proposing a few more substantive changes in a limited number of situations in which the Bureau has identified potential discrete solutions to specific implementation challenges.”
Among the most important proposals are:
- Providing a uniform rule regarding application of the integrated mortgage disclosure requirements to cooperative units
- Providing guidance on sharing disclosures with various parties involved in the mortgage origination process
- Creating tolerances for the total of payments
- Adjusting a partial exemption that mainly affects housing finance agencies and nonprofits
- Escrow account disclosures
- Escrow cancellation notices
- Expiration dates for the closing costs disclosed on the Loan Estimate
- Recording fees
- Disclosure and good-faith determination of property taxes and property value
For more details or to get involved in the comment period, read the Summary of the Proposed Rule industry.
Read George Holler in the Connecticut Law Tribune
Also on the regulatory front, George Holler recently wrote an article in the Connecticut Law Tribune entitled, “What Do You Mean I Can’t Close My Client’s Transaction?” that explores what happens when complicated federal regulations meet Connecticut’s restrictive anti-coercion statute. To get the answers, George met with a RESPA compliance attorney and a former CFPB attorney. For national title agencies trying to do business in Connecticut, there’s no better guide than Connecticut real estate law expert George Holler!
Simplify Your Connecticut Closings
Holler Law Firm streamlines complicated Connecticut real estate transactions for national title agencies. Restrictive laws passed in Connecticut have driven many national title agencies away. Our local attorneys help national title agencies through the connective process.
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