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CFPB adds ten TRID FAQs on lender credits
The Consumer Financial Protection Bureau has added ten new questions and answers to its TILA-RESPA Integrated Disclosure FAQs page. The questions addressed include—
- What is a lender credit for purposes of the TRID Rule?
- What is the difference between a specific lender credit and a general lender credit?
- Is a creditor required to disclose a closing cost and a related lender credit on the Loan Estimate if the creditor will absorb the cost?
- Is a creditor required to disclose a closing cost and a related lender credit on the Closing Disclosure if the creditor will absorb the cost?
- How are lender credits disclosed on the Loan Estimate?
- How are lender credits disclosed on the Closing Disclosure?
- How does a creditor disclose lender credits for a loan the the creditor refers to as a "no-cost loan"?
- How does a creditor disclose lender credits if the creditor provides a credit, rebate, or reimbursement to offset specific closing costs charged to the consumer?
- How does a creditor disclose lender credits when it is offsetting a certain dollar amount of closing costs charge to the consumer without specifying which costs it is offsetting?
- Can lender credits change?