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News & Press: Industry News

TRID Changes Not Yet in Financial Reform Legislation

Tuesday, March 20, 2018  
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The House of Representative passed the TRID Improvement Act of 2018 by a voice vote and sent it to the Senate after packaging it with other provisions on credit scoring as part of HR 5078. Despite having been passed in the House, however, the TRID measure was not included in the financial reform bill passed by the Senate. 

The TRID amendments supported by the title industry require the Consumer Financial Protection Bureau (CFPB) to allow the calculation of the discounted title rates offered to consumers on a simultaneous issue of a loan policy and an owners title insurance policy in order to allow title companies to actually provide consumers with accurate disclosures. Those disclosures are not permitted under the current RESPA Integrated Disclosure Statement. 

The House appears unwilling to simply pass the Senate Bill without further amendments and it is unclear whether the TRID amendments will make it into the final version of any packaged financial reform legislation.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851