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News & Press: Industry News

TRID "Black Hole" Closing Disclosure Fix by CFPB

Tuesday, May 15, 2018  
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The real estate industry calls the TRID “black hole,” the rule that once a Closing Disclosure has been provided, a revision can only be made within limited time frames. This means that often any increased costs resulting from changes before the final closing cannot be charged to the consumer.

In a change to the rule, the Consumer Financial Protection Bureau (“CFPB”) adopted final amendments to TRID that remove the four-business-day limit on using a Closing Disclosure to increase closing costs subject to tolerances, thus permitting creditors to reset tolerances with either an initial or revised Closing Disclosure regardless of the number of days that remain before closing.

California Land Title Association

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