- Business Rules
Does rounding take place in every single step of the calculations or only at the final result?If a dollar amount that is required to be rounded has component unrounded numbers, the unrounded numbers are added up and then the resulting amount is rounded. If an amount that is required to be rounded on the Loan Estimate is a total of one or more components that are also required to be rounded, the total amount must be calculated using such rounded amounts.
For example: The subtotals disclosed under §1026.37(f)(1), (2), and (3) are calculated using the rounded amounts. However, the amounts required to be disclosed by §1026.37(l) reference actual amounts for their components, rather than other amounts disclosed under §1026.37 and rounded pursuant to §1026.37(o)(4)(i), so they are calculated using unrounded numbers.
Citation(s): §1026.37(o)(4)(i) & (ii) and Commentary ¶37(o)(4)-2
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here