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ARTICLE · 28 MAY 2021

CFPB Issues TRID Rule FAQs On BUILD Act Partial Exemption

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The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption...

United StatesFinance and Banking
Richard J. Andreano, Jr.
Richard J. Andreano, Jr.
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The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act (BUILD Act) that became law in January 2021.

Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial exemption from the Loan Estimate and Closing Disclosure requirements of the TRID rule for subordinate housing assistance loans that met certain conditions. The BUILD Act added a partial statutory exemption from such requirements for similar transactions. The FAQs provide that to qualify for the BUILD Act partial exemption, a transaction must meet all of the following criteria:

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