TRID Error Corrected
Effective Wednesday, February 10, 2016, due to the CFPB correcting a typographical error that was found within the TRID supplemental material, a small section of the rule has been changed.
Previously, the section stated, “property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees” are “subject to tolerances.” However, this was amended to “not subject to tolerances.” The CFPB notes that the error in content is inconsistent with the previous sentence, which clearly stated the premiums, and charges are not subject to a tolerance.
It has been a little more than four months since TRID was officially implemented in the mortgage industry. Many are still finding their footing when it comes to following the rules and the industry appears to be catching up from the setbacks it created. However, overall, the landscape of mortgage seems to be responding to the new way of business and showing signs of more growth.