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ARTICLE · 03 JULY 2020

CFPB Issues Factsheet On TRID Title Insurance Disclosures And Updates TRID FAQ

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On June 9 the Consumer Financial Protection Bureau (CFPB) published a Factsheet on how to disclose title insurance on the Loan Estimate and Closing Disclosure...

United StatesInsurance
Sherwin Root
Sherwin Root
John Dineen
John Dineen
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On June 9 the Consumer Financial Protection Bureau (CFPB) published a Factsheet on how to disclose title insurance on the Loan Estimate and Closing Disclosure, including when a negative owner's title insurance cost disclosure is appropriate, and updated the TRID FAQs to include guidance on the total of payments disclosure, using the optional signature line on the Loan Estimate and Closing Disclosure, and the requirement to include seller information on the consumer's disclosures if providing separate Closing Disclosures. This blog discusses the Factsheet, and sets forth the four questions added to the FAQ, along with brief answers.

Factsheet

Lenders typically require borrowers to purchase a lender's title insurance policy in connection with a residential mortgage loan. The amount disclosed by the creditor on the Loan Estimate (LE) is the amount of the premium, and it is disclosed either under Services You Cannot Shop For or Services You Can Shop For on the Loan

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