TRID Changes Issued To Federal Register

August 16, 2017 at 9:30 am Leave a comment

Good morning! I just wanted to give everyone a quick head’s up that our good friends at the CFPB have officially issued in the Federal register, several highly technical changes to the TRID disclosure requirements. These changes take effect on October 10, 2017 with mandatory compliance by October 1, 2018.

When I went to the Mortgage Banker Association’s Legal and Compliance Conference earlier this year, there was hope that this round of TRID requirements would clarify some of the bigger issues still hanging out there. I don’t think this collection of highly technical changes is exactly what anyone was hoping for but if you provide mortgages should certainly take the time to understand  these amendments.

The changes cover a wide range of areas including, but not limited to, clarification of how to disclose home construction loans; the calculation of disclosure tolerances involving certain services provided by affiliates and a mandate for  TRID disclosures in co-op sales. Be sure to take an extra jolt of powerful java before delving into this one. That’s what I did.

New Board Members Not to Be Named for Several Months

The Credit Union Times reported yesterday that the Trump administration is unlikely to nominate replacements for NCUA’s Board any time soon. The term of board member Randy Metsger ended two weeks ago and the seat of departed former chairman Debbie Matz remains vacant.

Entry filed under: Compliance, Regulatory.

CU’s Go HELOC Crazy NCUA Unveils Impressive List of Regulatory Reforms

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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