House Passes TRID Bill Again in Effort to Spur Senate Action

February 27, 2018

By a voice vote on Feb. 27, the U.S. House of Representatives for a second time passed the TRID Improvement Act of 2017.

Introduced by U.S. Rep. French Hill, the TRID Improvement Act 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 results in the inaccurate disclosure of title insurance premiums in about half of the states.

This time, the TRID Improvement Act is packaged with a bill sponsored by Rep. Keith Ellison (D-Minn.), which will allow the use of utility and cell-phone payment histories as part of the credit scoring process.

The new bill, HR 5078, was sent to the House floor this week under a suspension of the rules. This procedure is used to pass non-controversial bills and requires approval of three-fourths of the House.

This maneuver is meant to make the TRID Improvement Act more attractive for inclusion in the Senate, where a bipartisan regulatory reform bill is picking up steam. The hope is that this vote will show its bipartisan appeal more than the vote two weeks ago.

On Feb. 14, the U.S. House of Representatives passed H.R. 3978 by a vote of 269-143.

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