News

House Financial Services Committee Passes TRID Fix Bill

Source: ALTA News

The U.S. House Financial Services Committee today passed the ALTA-supported TRID Improvement Act of 2017 (H.R. 3978) by an overwhelming 53-5 bipartisan vote.

The bill, introduced by U.S. Reps. French Hill and Ruben Kihuen, corrects the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID) and help consumers understand the true cost of their real estate transaction.

The bill amends the Real Estate Settlement Procedures Act (RESPA) to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and discounts to homebuyers. Under the current regulation, the CFPB does not allow title insurance companies to disclose available discounts for lenders title insurance on the government mandated disclosures.

The bill now goes before the full House for a vote. ALTA expects this to happen soon based on the strong bipartisan vote by the committee.

survey ALTA conducted in July 2016 found that more than 40 percent of homebuyers feel taken advantage of or are confused by the calculation of title insurance fees on the mortgage disclosures.

 

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