As I am sure you are aware, Daylight Saving Time (DST) ended on November 3, 2024 at 2:00 a.m.! What does DST have to do with TRID, you may ask? 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 […]
Tag: TILA
Agencies Announce Thresholds For TILA, Consumer Leasing, and Higher-Priced Mortgage Loans
Last Friday, October 4th 2024, The CFPB (Consumer Financial Protection Bureau) and the Federal Reserve Board (FRB) announced the dollar thresholds used to determine which consumer credit and lease transactions in 2025 are subject to specific protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). The thresholds are adjusted annually based on the percentage increase in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers). So, based on the […]
Reminder: TRID and Daylight Saving Time
Don’t forget, Daylight Saving Time (DST) ends on November 5, 2023 at 2:00 a.m.! What does DST have to do with TRID, you may ask? 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 DST need […]