CFPB adds FAQ on providing TRID loan estimates

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?

Interested in compliance or audit solutions?  Contact Nicola Foggie at nfoggie@njcul.org.