The Consumer Financial Protection Bureau (CFPB) last week published the first set of Frequently Asked Questions on the TILA-RESPA Integrated Disclosure, or TRID Rule, as it applies to construction loans.
The TRID rule is also known as the “Know Before You Owe” rule, which took effect in October 2015 to help borrowers better understand the terms of their mortgage.
The TRID Rule is the result of the CFPB integrating the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) disclosures to help simplify the borrowing process for consumers.
The new FAQs on construction loans will help builders and consumers better understand what types of construction loans are covered by the TRID Rule. Access the FAQs.
Please contact Curtis Milton with any questions.