Error in TRID Rule Corrected

Thursday, Feb. 18th 2016

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One little word can make a big difference – especially when that word is completely missing! Last week, the CFPB (Consumer Financial Protection Bureau) corrected the TILA/RESPA Integrated Disclosure Rule, better known as TRID. Originally, the rule read as follows:

“property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees … are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.”

The missing word? ‘NOT.’ Here is the new and improved wording:

are not subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.”

This change is in effect as of February 10th, 2016. See the Federal Register for more details.


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