Trade Groups Join ALTA Urging Support for TRID Improvement Bill
October 26, 2017
ALTA and nearly two dozen industry trade groups sent a letter urging members of the U.S House of Representatives to support legislation that would correct the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID).
The TRID Improvement Act of 2017 (H.R. 3978), introduced by U.S. Reps. French Hill and Ruben Kihuen, amends the Real Estate Settlement Procedures Act (RESPA) to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and discounts to homebuyers. Under the current regulation, the CFPB does not allow title insurance companies to disclose available discounts for lenders title insurance on the government mandated disclosures.
"This creates inconsistencies in mortgage documents and causes confusion for consumers," the letter said. "H.R. 3978 would reduce this confusion by allowing title insurance companies to disclose available discounts and accurate title insurance premiums to consumers. This straightforward fix would benefit consumers across the country."
Joining ALTA in the letter were American Bankers Association; American Escrow Association; Association of Mortgage Investors; Community Home Lenders Association; Community Mortgage Lenders of America; Consumer Mortgage Coalition; Credit Union National Association; Escrow Institute of California; Housing Policy Council of the Financial Services Roundtable; Independent Community Bankers of America; Minnesota Land Title Association; Mortgage Bankers Association; National Association of Federally Insured Credit Unions; National Association of Home Builders; Nevada Land Title Association; Ohio Land Title Association; Palmetto Land Title Association; Real Estate Services Providers Council; Securities Industry and Financial Markets Association; Texas Land Title Association; and the U.S. Chamber of Commerce.
Contact ALTA at 202-296-3671 or [email protected].