Do transactions involving a successor in interest require new disclosures?
Not necessarily, according to the Consumer Financial Protection Bureau.
The CFPB has published a factsheet and flowchart discussing whether Loan Estimates and Closing Disclosures are required for assumption transactions under the TRID rule in which a new consumer is being added or substituted as an obligor on an existing consumer credit transaction.
Read on for reaction from Jennifer Dozier, partner at Franzen and Salzano P.C.
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