CFPB Launches New TRID Website Page for Settlement Agents
Tuesday, August 30, 2016
The Consumer Financial Protection Bureau just created a new resource TRID webpage for settlement agents.
The page is intended to serve as a resource for settlement agents during the closing process. According to the website, Settlement Agents are “integral to real estate transactions. They gather essential data, coordinate transfer of ownership, and orchestrate many of the events leading to the consummation of a loan.”
The new page has two sections. The first is a review of settlement agent responsibilities, including specific tasks and complying with privacy safeguards. The second part focuses on how information will be gathered and shared, what creditors expect from settlement agents and how do disseminate Closing Disclosure statements.