TRID Improvement Act of 2017

Bill 115 hr 3978, also known as the TRID Improvement Act of 2017, aims to make improvements to the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule. The TRID rule was implemented in 2015 to provide consumers with more transparent information about the costs and terms of their mortgage loans.

The TRID Improvement Act of 2017 seeks to address concerns raised by industry stakeholders about the complexity and ambiguity of the TRID rule. The bill includes provisions to clarify certain requirements of the rule, such as the treatment of simultaneous issue rates for title insurance and the disclosure of construction loan information.

Additionally, the bill aims to provide more flexibility for lenders in disclosing certain information to consumers, such as the calculation of the cash-to-close amount and the disclosure of the seller's credit. The bill also includes provisions to address concerns about liability for errors in the loan estimate and closing disclosure forms. Overall, the TRID Improvement Act of 2017 seeks to streamline the mortgage loan disclosure process and provide more clarity for consumers and industry stakeholders. The bill has received bipartisan support in Congress and is currently under consideration for passage.