2017 TILA-RESPA Integrated Disclosures (TRID) Rule Summary

Updated 11/16/2017

This summarizes the 2017 Final Rule which amends and clarifies many parts of the original TILA-RESPA Integrated Disclosures “TRID” Final Rule (2015 Rule). Some of the key takeaways of the 2017 Final Rule (2017 Rule) are that it:

1. Establishes coverage requirements for cooperatives, certain housing assistance loans, and certain trusts;

2. Clarifies various elements of constructions loans, including allocation of costs, holdbacks, inspection and handling fees, disclosure timing, and increases to the periodic payment;

3. Provides options for separating borrower and seller information on the respective disclosures, and guidance on sharing the disclosures with various parties involved in the mortgage origination process;

4. Creates tolerances for the Total of Payments disclosure; and

5. Clarifies applications of the good faith standard, disclosures in the Calculating Cash to Close table, rounding requirements, when and how revised disclosures may be provided, the responsibilities of creditors and settlement agents, and escrow account disclosures, among other items.

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