7/20/16 11:03 AM

CFPB not likely to address title insurance premiums with update to TRID

While the CFPB still has not released any updates to TRID it looks like when they do it won't include changes to the title insurance premiums disclosure rules.

In a recent July 14th letter, Director Cordray said that fixing the title insurance premium disclosure is improbable.

"As reflected in the Know Before Your Owe mortgage disclosure rule, the Bureau believes that the application of any simultaneous issuance discount to the owner's title policy, as mandated by some states, is the most transparent method of disclosing the costs of the required lender's title policy and the optional owner's policy," Cordray wrote.

While Director Cordray stated no changes are currently planned it's important that as an industry that we continue to provide the CFPB with data regarding the issues this requirement is causing.

Stay tuned.....

Topics: Regulatory and Compliance

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