CFPB Updates TRID FAQs to Reflect BUILD Act

The CFPB recently updated its TILA-RESPA Integrated Disclosure (TRID) FAQ resource to address housing assistance loans and the partial exemption from certain TRID requirements provided through the Building Up Independent Lives and Dreams Act (BUILD Act). 

The updated FAQs address, among other items, the criteria for a loan to meet the requirements for a partial exemption from the Loan Estimate and Closing Disclosure requirements in TRID, which include that the loan be offered at a zero percent interest rate and be primarily for charitable purposes by a 501(c)(3) organization, and how creditors meeting those criteria have the option of using the HUD-1, GFE and TIL disclosures in lieu of the Loan Estimate and Closing Disclosure.