The bill, the TRID Improvement Act of 2017, has bipartisan support in the House of Representatives, according to a HousingWire report. It was introduced by Rep. French Hill (R-Ark.) and Rep. Ruben Kihuen (D-Nev.). The proposed legislation would make changes to the Know Before You Owe mortgage disclosure rule – specifically a title insurance issue.
Hill’s office said that homebuyers in some states weren’t receiving an accurate disclosure of their title insurance premiums because in those states, the Consumer Financial Protection Bureau “does not allow the calculation of a discounted rate known as ‘simultaneous issue,’ which is a rate title insurance companies provide to consumers when they purchase a lenders and owners title insurance policy simultaneously.”
The MBA, the NAHB, and other housing industry groups have lent their support to the bill. In a letter to the House urging lawmakers to vote for the legislation the groups said that the current TRID regulation “creates inconsistencies in mortgage documents and causes confusion for consumers.”
The proposed legislation, the groups wrote, “would reduce this confusion by allowing title companies to disclose available discounts and accurate title insurance premiums to consumers. This straightforward fix would benefit consumers across the country.”
While growing pains have largely abated, TRID still causing headaches
Finally adapting to TRID ? Mortgage defects fall for first time in a year
Nearly two dozen industry groups, including the Mortgage Bankers Association and the National Association of Home Builders, have thrown their weight behind a bill to change part of TRID.