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Your comprehensive guide to CFPB’s newest TRID compliance updates

by Chip Bell

TRID-update-CFPB-lenders-borrowers-closing-times

The Consumer Financial Protection Bureau this month issued its new Small Entity Compliance Guide, which includes updated information for how to better comply with TRID.

We’ve combed through the report, compared it to CFPB’s previous Small Entity Compliance Guide, and detailed all the changes you need to know.

Table of contents:

Page 2 

  • Record retention requirements for the Closing Disclosure

Page 3

  • Completing the Loan Estimate and Closing Disclosure
  • Formatting the Loan Estimate and Closing Disclosure
  • Delivery requirements for the Loan Estimate and the special information booklet
  • Requirements upon receiving an application

Page 4

  • Disclosing and determining good faith for services the borrower may shop

Page 5 

  • Disclosing seller-paid costs and providing seller disclosures
  • Providing revised Loan Estimates and corrected Closing Disclosures

Page 6

  • Guidance on construction loans providing special information booklet
  • The absence of a HUD-1 comparison chart in the Closing Disclosure

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