May 15, 2018
What is TRID 2.0?
What is TRID 2.0?
It’s the final rule issued by CFPB containing several clarifying amendments and technical corrections to TRID
When was the final rule issued?
- July 7, 2017
Who does it apply to?
- All credit unions that originate covered transactions under TRID
- For purposes of TRID, a covered transaction is defined as a closed-end consumer credit transaction secured by real property or a cooperative unit. However, the following transactions are exempt from TRID:
- HELOCs
- Reverse mortgages; and
- Mortgages secured by a mobile home or dwelling that is not attached to real property
Effective Date(s)?
- The final rule is effective 60 days after publication in the Federal Register
- The mandatory compliance date is October 1, 2018
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HMDA 2018
