FHLMC Guide Bulletin 2015-10 Supports TRID Rule
On June 30, Freddie Mac released an update titled Guide Bulletin 2015-10 Supports TRID Rule.
Guide Bulletin 2015-10 Supports TRID Rule
In today’s Single-Family Seller/Servicer Guide (Guide) Bulletin 2015-10, we’re announcing updates to Guide terminology regarding the new disclosure forms required by the Consumer Financial Protection Bureau (CFPB) under its final rule, TILA-RESPA Integrated Mortgage Disclosure (the “TRID Rule”), with respect to settlement-related disclosures.
To help you prepare for when the TRID Rule goes into effect, we’re making the following updates:
- Settlement/Closing Disclosure Statement. We’re defining this new term in the Guide Glossary in response to the TRID Rule requirements with respect to the settlement-related disclosures. The new term includes, as applicable, both the HUD-1 Settlement Statement and the new Closing Disclosure.
- Loan Prospector® will be updated by August 1, 2015, to reflect the new terminology.
- Collection of signatures and additional forms. On and after the TRID Rule effective date, you will not be required to collect borrower signatures for disclosure forms or collect additional forms. This is in line with CFPB’s implementation of the rule. However, consistent with current industry practices, you may wish to consider collecting (or continue to collect) signatures and/or forms.
To further support the changes listed above and once the TRID Rule effective date is confirmed, we’ll announce other requirement updates in future Guide Bulletins and Single-Family communications related to:
- Uniform Loan Delivery Dataset (ULDD) data point delivery instructions.
- Requirements for the Truth-in-Lending Disclosure Statement.
- Uniform Closing Dataset (UCD) delivery requirements.
- Deletion of references to “signed/executed” from applicable Guide sections.
For More Information
- Read Guide Bulletin 2015-10 [pdf].
- Read the Single-Family News Center article on the UCD timelines.
- Visit the Freddie Mac UCD Web page.
- Contact your Freddie Mac representative.
Please click here to view the online update.
Please click here to view Guide Bulletin 2015-10 [pdf].
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