The Consumer Financial Protection Bureau (CFPB) today announced a correction to a portion of its TILA-RESPA Integrated Disclosures rule, or TRID -- but it’s probably not the sort of fix some real estate and settlement service industry professionals were hoping to see. The bureau has corrected a "typo" in the text of the TRID rule, also known as Know Before You Owe, regarding tolerances for property taxes and certain other property-related costs. The specific passage is found in the Supplementary Information section of the behemoth, 1,800-page rule that was released in November 2013 and took effect in October. The passage in the final rule states that "property insurance premiums, property taxes, homeowner’s association dues, condominium fees and cooperative fees … are subject to tolerances," but according to the CFPB, it should read, "are not subject to tolerances." luchunyu / Shutterstock.com The CFPB said the erroneous passage was inconsistent with the sente...
- The bureau has corrected a "typo" in the text of the TRID rule, also known as Know Before You Owe, regarding tolerances for property taxes and certain other property-related costs.
- The CFPB published its notice of the correction in the Federal Register, and the correction is effective as of Feb. 10.
- The announcement is not exactly the kind of guidance the real estate industry has been hoping to see.