The IBA has a new tool to help complete the Loan Estimate and Closing Disclosure under the TILA-RESPA Integrated Disclosure (TRID) rules. The “Product” field on the LE and CD is a two-part disclosure that must include both features that may change the periodic payment and features that may adjust the interest rate. This guide summarizes the disclosure requirements and provides product examples to help you meet the disclosure requirements. The TRID tool is on the Compliance page and does require a members only login to access.
Also, both the LE-CD Fee Placement Guide and the TRID Forms Completion Guide have been updated. If you have printed or downloaded these documents, please disregard the older versions and use only the updated options. As IBA receives clarifications from the CFPB and other regulators, we will continue to update the guides accordingly.