Archive

Once again, the CFPB has waited until the eleventh hour to issue an interim final rule that many community bankers worked countless hours to prepare for!  On Tuesday, March 22, 2016, the Bureau released the interim final rule to amend Regulation Z and implement provisions that many banks would have appreciated months ago. The interim final rule will implement Congress’s intent to expand the number of small creditors eligible to meet the special provisions under […]

We have received numerous reports that realtors involved in purchase transactions are requesting (demanding) copies of the borrower’s closing statement. Some realtors have included language (see sample below) in the purchase contract to ensure they receive the closing disclosure.  “All parties to this transaction, including buyers, sellers, real estate agents, lender, and closing agents acknowledge that the TRID Closing Disclosure, the Buyers Statement, the Sellers Statement, or any other summary form of the transaction does […]

Daylight Saving Time (DT) begins on March 13, 2016. What does that have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the time designation used […]

Have you ever seen so many financial institutions wanting to do business in rural areas?  The CFPB has provided yet another glimmer of hope for smaller financial institutions hoping to qualify as a small creditor. The Bureau announced yesterday, March 2, 2016, a new application process for smaller financial institutions to submit a request to determine if areas not currently deemed “rural” may be able to receive this coveted designation under federal consumer financial law. […]

Can you believe that title?  The CFPB has actually published something for us in writing in the Federal Register that will clear up an item that has been a source of confusion since prior to the implementation of TRID. The publication in the Federal Register dated yesterday, February 10th, results in a correction to the Supplementary Information of the final rule to correct a typographical error.  Specifically, section 1026.19(e)(3)(iii) –  Variations Permitted for Certain Charges […]