ABA Supports Bill to Fix TRID

ABA yesterday joined several financial and housing trade associations in a letter to House members urging support for the TRID Improvement Act of 2017 (H.R. 3978), a bipartisan bill introduced by Rep. French Hill (R-Ark.) and Rep. Ruben Kihuen (D-Nev.).

The bill would amend the Real Estate Settlement Procedures Act to require the CFPB to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers. The associations noted that the CFPB does not currently permit these disclosures, which creates inconsistencies in mortgage documents and creates confusion for consumers.

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About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.