InfoSight Spotlight: CFPB updates FAQ guidance on the TRID Rule

In the most recent edition of InfoSight, you’ll learn the CFPB recently updated its FAQ guidance on the TRID Rule, adding five questions related to providing loan estimates to consumers: 1. When is a creditor required to provide a loan estimate to a consumer? 2. Can creditors require consumers to provide additional information (other than […]

In the most recent edition of InfoSight, you’ll learn the CFPB recently updated its FAQ guidance on the TRID Rule, adding five questions related to providing loan estimates to consumers:
1. When is a creditor required to provide a loan estimate to a consumer?
2. Can creditors require consumers to provide additional information (other than the six pieces of information constituting an application) in order to receive a loan estimate?
3. Can creditors require consumers to submit verifying documents before they receive a loan estimate?
4. Is the requirement to provide a loan estimate triggered if the consumer submits the six pieces of information to receive a pre-approval or pre-qualification letter?
5. What if a creditor needs to collect additional information (beyond the six pieces of info constituting an application) or verifying documents to process a pre-approval or pre-qualification request?

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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