The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff.
The index includes a link to the CFPB webpage that has links to the recordings of the five webinars. Also, the reference date of the applicable webinar that addresses each question is a link to the Table of Contents for that webinar.
Two of the questions in the index were answered by the CFPB in the August 26, 2014 webinar, and the TRID rule was later amended to address the issues presented by the questions:
- “Are creditors required to provide revised Loan Estimates on the same business day that a consumer or loan officer requests a rate lock?”
- “Where on the Loan Estimate form is the creditor supposed to provide the language described in 1026.19(e)(3)(iv)(F) for construction loans where settlement may be delayed?”
At the time, the TRID rule provided for the issuance of a revised Loan Estimate on the same date that the creditor locked the interest rate. In January 2015, the TRID rule was amended to provide for the issuance of a Loan Estimate no later than three business days after the rate is locked.
The second question addressed situations in which a new home is under construction, or will be constructed, and as a result the closing of the loan will occur more than 60 days after the initial Loan Estimate is provided. In such a situation, the TRID rule allows the creditor to reserve the right to issue a revised Loan Estimate no later than 60 days before closing without regard to the standard restrictions on fee increases, as long as the creditor provides a statement to this effect in the initial Loan Estimate.
In a transaction subject to both TILA and RESPA, the Loan Estimate is a standard disclosure and may not be modified except as provided in the TRID rule. However, the original TRID rule did not address where the statement could be included in the Loan Estimate and, as a result, a creditor was not authorized to include the applicable statement in the Loan Estimate. In January 2015, the TRID rule was also amended to provide for the inclusion of the following statement in the “Other Considerations” section on page three of the Loan Estimate: “You may receive a revised Loan Estimate at any time prior to 60 days before consummation.”
For future reference, parties may want to annotate these questions in the index to note the applicable amendments that were made to the TRID rule.