The Consumer Financial Protection Bureau announced it finalized amendments to TRID which eliminate the four-business-day limit and permits creditors to reset tolerances.
The move was designed to correct problems cited in the so-called Black Hole time period, in which a creditor could use a valid changed circumstance or other reason for revising tolerances because TRID did not permit its disclosure on the Closing Disclosure.
Read on for your first look at the finalized TRID changes and reaction from Mayer Brown's Phillip Schulman and RESPRO's Ken Trepeta.
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