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ABA: The American Bankers Association
Compliance News

CFPB Issues Fact Sheet on TRID Requirements for Assumptions

The Consumer Financial Protection Bureau issued a fact sheet to help lenders determine when the TILA-RESPA integrated disclosures—the Loan Estimate and the Closing Disclosure—are required when mortgages are assumed. The fact sheet addresses TRID requirements when a new consumer is added or substituted as an obligor on an existing closed-end credit transaction secured by real property and that is not a reverse mortgage.