Arch MI Makes TRID EZ
On this page, Arch MI provides you the information and resources you need to be prepared for the October 2015 launch of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rules, as well as important information on how mortgage insurance premiums should be disclosed under the TRID rules.
Mortgage Insurance and Tolerances under TRID
The disclosure of mortgage insurance under TRID depends, in part, on what kind of premium payment plan is selected for a Loan. Importantly, a change in the mortgage insurance premium on a loan using Arch MI’s EZ Monthly premium plan, in which premiums are paid in arrears, does not trigger a re-disclosure obligation under TRID after the Loan Estimate is sent to the borrower. With EZ Monthly premiums, you only need to re-disclose a change in the premium if you are sending a revised Loan Estimate for another reason. Of course, Arch MI offers a variety of mortgage of insurance premium plans other than EZ Monthly to meet your borrower’s needs, not all of which involve payment in arrears.
The following information and resources regarding the treatment of mortgage insurance premiums under the TRID rules were developed by Arch MI in conjunction with Benjamin K. Olson, a partner at the Buckley Sandler law firm. Mr. Olson is a former CFPB Deputy Assistant Director who led the CFPB’s development of the proposed rules and forms integrating TILA and RESPA disclosures. These materials are provided for informational purposes only and may not be relied on as legal advice.
A Readiness Roadmap for Originators
The TILA RESPA Integrated Disclosure changes are a chance to position yourself as an expert and share important information about the changes with your real estate partners. We've made it easy to educate your real estate partners with our sponsored Readiness Roadmap Webinar and downloadable presentation materials.