Escrow – Title – Closing – Know Before You Owe
A Discussion on TRID – RESPA – CFPB
The Consumer Financial Protection Bureau (CFPB) has resources to help people understand, implement, and comply with the TILA-RESPA Integrated Disclosure (TRID) rule, also known as the Know Before You Owe mortgage disclosure rule. The TRID rule imposes disclosure requirements and waiting periods for mortgage transactions, including escrow accounts. For example, the rule requires mortgage lenders to provide a closing disclosure at least three business days before a borrower signs and finalizes a mortgage. If the borrower requests changes, the lender must provide a revised closing disclosure.
The CFPB’s resources include:
- Webinars on TRID rules
- An interpretive rule that provides guidance on TRID timing requirements
- FAQs on housing assistance loans
- Guides to how the CFPB will supervise and examine entities under its jurisdiction
- Model and sample TRID forms for different loan types
Consumer Financial Protection BureauTILA-RESPA integrated disclosures (TRID) | Consumer Financial Protection BureauConsumer Financial Protection BureauLoan estimate and closing disclosure forms and samples | Consumer Financial Protection Bureau
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