- Business Rules
Can the "Estimated Total Monthly Payment" row use a different periodic type, for example, "Estimated Total Yearly Payment"?Yes. Wherever "monthly" is used to describe the frequency of any payments or uses "month" to describe the applicable unit-period the creditor can substitute the appropriate term to reflect the fact that the transactions terms provide for other than monthly periodic payments, such as bi-weekly or quarterly payments.
Citation(s): §1026.37(c)(2)(iv); §1026.37(o)(5)(i) and Commentary ¶37(o)(5)-4
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here