NAR has created a new TRID Closing Disclosures Guide outlining questions related to the separation of buyer and seller Closing Disclosures (CDs) and what is shared with real estate professionals. This new Guide and one-page Summary reflect the latest clarity provided by the Consumer Financial Protection Bureau (CFPB) in their TRID FAQs updated on June 9, 2020.
Questions addressed in the TRID Summary and Guide include lender discretion in issuing combined and separate CDs; the impact of privacy laws on what is shared in the CD and who has access to the CD; and, regulations dictating the information included in the separate CDs. For example, when a lender or settlement agent issues separate buyer and seller CDs, TRID requires seller-paid loan costs (such as real estate commissions) to be disclosed on the buyer CD.
NAR’s TRID Closing Disclosures Summary (PDF: 804 KB)
NAR's TRID Closing Disclosures Guide (PDF: 901 KB)