Three new groups of questions and answers on selected topics related to compliance with disclosure requirements for most closed-end borrower real estate transactions are now published by the federal consumer financial protection agency Friday.
The Q&As, posted by the Consumer Financial Protection Bureau (CFPB) and meant to aid in compliance (but not as a legal substitute, the agency said) with the TILA- RESPA Integrated Disclosure Rule (TRID), focus on three areas:
- Corrected closing disclosures and the three business-day waiting period before consummation;
- Model forms; and,
- Construction loans.
“Reviewing these questions and answers is not a substitute for reviewing TILA, RESPA, Regulation Z, or its official interpretations (also known as the commentary),” the agency said. “The statutes, Regulation Z, and its official interpretations are the definitive sources of information regarding the requirements.”