- Business Rules
Regarding tax proration accuracy on the Loan Estimate – will this be reflected in other cost and can this be updated without re-disclosure but updated to actual cost on Closing Disclosure?Depending on the transaction, for purposes of the Calculating Cash to Close Section, Adjustments and Other Credits line, Commentary ¶37(h)(1)(vii)-6 states: "Adjustments that require additional funds from the consumer pursuant to the real estate purchase and sale contract,… or adjustments that will be disclosed on the Closing Disclosure… [may] be included [on this line]… because the amount disclosed is a sum of adjustments and other credits, [and] such amount would reduce the total amount disclosed. Additional examples of such adjustments for additional funds from the consumer include prorations for property taxes and homeowner’s association dues."
Citation(s): Commentary ¶37(h)(1)(vii)-6
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here