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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—

  1. What is a lender credit for purposes of the TRID Rule?
  2. What is the difference between a specific lender credit and a general lender credit?
  3. 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?
  4. 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?
  5. How are lender credits disclosed on the Loan Estimate?
  6. How are lender credits disclosed on the Closing Disclosure?
  7. How does a creditor disclose lender credits for a loan the the creditor refers to as a "no-cost loan"?
  8. 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?
  9. 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?
  10. Can lender credits change?
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