CFPB Updates TRID Small Entity Compliance Guide

October 13, 2016

The Consumer Financial Protection Bureau has published updated versions of the Small Entity Compliance Guide and the Guide to Forms for the TILA-RESPA Integrated Disclosures rule.

The Small Entity Compliance Guide was updated to incorporate guidance from CFPB webinars and to add clarity on topics such as the following:

  • record retention requirements for the closing disclosure
  • completion of the loan estimate and closing disclosure
  • formatting of the loan estimate and closing disclosure
  • delivery requirements for the loan estimate and the special information booklet
  • disclosure and determination of good faith for services the borrower may shop for
  • construction loans

Regarding the Guide to Forms, the CFPB added additional information for the Closing Disclosure, including more information on the projected payments table, loan costs and other disclosure sections. The Loan Estimate includes more information about loan terms, the projected payments and adjustable payments tables.

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