As institutions continue to work through integration of the TILA-RESPA Integrated Disclosure (“TRID”) and face questions regarding its application and unique factual scenarios, they should be aware of a resource the CFPB has compiled.
Over the last 10 months, the Federal Reserve Board has hosted several webinars, all of which are available on the Internet. Additionally, the CFPB has compiled a comprehensive index of the questions addressed within the webinars. The index allows institutions to quickly locate answers from the CFPB to questions on diverse topics, including records retention, disclosure timing, details of the loan estimate, and various questions pertaining to construction lending.
Financial institutions originating mortgage loans should consider providing this resource to compliance personnel, as well as individuals who are facing customer questions about the content of the disclosure.
Should you have any questions, please contact Spilman.