Disclosures for home mortgages under the so-called “know before you owe” rule and lender credits are the subjects for frequently asked questions (FAQs) published by the federal consumer financial protection agency, released Wednesday.
The FAQs on the TILA-RESPA Integrated Disclosures (TRID) and lender credits, according to the Consumer Financial Protection Bureau (CFPB), cover five topics: corrected closing disclosures and the three-day business-day waiting period before consummation; model forms; construction loans; providing loan estimates to consumers; and lender credits.
The FAQs focus on compliance issues related to TRID. As it typically does with such releases, the bureau noted that reviewing the FAQs “is not a substitute for reviewing TILA, RESPA, Regulation Z, or its official interpretations (also known as the commentary). The statutes, Regulation Z, and its official interpretations are the definitive sources of information regarding the requirements.”