• Resources
  • Privacy Policy
Prime TitlePrime TitlePrime TitlePrime Title
  • Services
    • Home Buyers
    • Home Sellers
    • Real Estate Agents
    • Lenders
    • Builders & Contractors
    • Commercial
  • Team
  • Blog
  • Contact
  • 337.235.0047

CFPB Fixes Error in TRID Rule

NextPrevious

CFPB Fixes Error in TRID Rule

By Paul Gardner | Industry Topics | Comments are Closed | 12 February, 2016 | 0

The CFPB corrected the TILA/RESPA Integrated Disclosure (TRID) Rule by inserting a missing word that impacted the question of property taxes.

As originally published in the Federal Register on December 2013, the Rule stated that “property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees … are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.”

A small but crucial word was missing — the Rule was supposed to read “are not subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.”

The correction was published in the 2/10/16 Federal Register and goes into effect immediately.

Source: The information contained in this post was prepared by First American Title Insurance Company for informational purposes only and does not constitute legal advice.  

No tags.

Related Posts

  • Mortgage Rate Trends for 2023

    By Paul Gardner | Comments are Closed

    Mortgage Rate Trends for 2023   The interest rate on a mortgage is a critical factor for many homebuyers who are contemplating the purchase of a new property. The rate can have a significant impactRead more

  • What to Expect From the Housing Market This Summer

    By Paul Gardner | Comments are Closed

    What to Expect From the Housing Market This Summer   Summer is usually the busiest season of the year for buying and selling houses. The warmer weather and greener yards make it easier to maximizeRead more

  • Title Insurance: What Does It Cover and Do I Need It?

    By Paul Gardner | Comments are Closed

    When buyers take out a mortgage, one of the closing costs they pay is title insurance.   Before a real estate transaction is completed, a title company does a title search on the property toRead more

  • Understanding Commercial Closings

    By Paul Gardner | Comments are Closed

    Commercial real estate closings are very different from residential real estate closings.  In general, they are more complicated because they have more extensive procedures. Negotiations also tend to last much longer (up to a yearRead more

  • Why is a Land Survey So Important Before Closing?

    By Paul Gardner | Comments are Closed

    Whether or not the lender requires it, every buyer should invest in having a property survey (also called a land survey) conducted before closing on a real estate purchase.    Land surveys are critical forRead more

NextPrevious

Contact Us
Request Fees
Title Request

Blog Categories

  • Announcements
  • Events
  • Industry Topics
  • Lagniappe
  • Uncategorized

Newsletter

  • This field is for validation purposes and should be left unchanged.



1819 W. Pinhook Road, Suite 100
Lafayette, LA. 70508

337.235.0047
Contact Us

Services

  • Home Buyers
  • Home Sellers
  • Real Estate Agents
  • Lenders
  • Builders & Contractors
  • Commercial

Site Links

  • Blog
  • Team
  • Contact
  • Resources
  • Privacy Policy
  • Title Request

Newsletter

  • This field is for validation purposes and should be left unchanged.

  • Services
    • Home Buyers
    • Home Sellers
    • Real Estate Agents
    • Lenders
    • Builders & Contractors
    • Commercial
  • Team
  • Blog
  • Contact
  • 337.235.0047
Prime Title