The CFPB published their Summer 2017 Supervisory Highlights in September, which included a list of common TRID mistakes made by lenders. The full publication can be found here.
The CFPB examiners found the following common TRID mistakes:
- Fees increased between Loan Estimate and Closing Disclosure without necessary tolerance cures
- Lender failed to retain evidence of compliance with TRID
- Lender failed to document applicant’s Intent To Proceed
- Lender waived the Closing Disclosure 3 day review period without a bona fide personal financial emergency
- Lender failed to provide Written List of Service Providers when the borrower was allowed to shop for a service
- Lender failed to show the amount payable into the escrow account when an escrow account was created
- Loan Estimate did not include an expiration date when an expiration date was required
If you have any questions, please contact us.