- Business Rules
Where are Lender Credits disclosed?In Section J. Total Closing Costs represent the sum of non-specific lender credits and specific lender credits. Non-specific lender credits are generalized payments from the creditor to the consumer that do not pay for a particular fee. Specific lender credits are specific payments, such as a credit, rebate, or reimbursement, from a creditor to the consumer to pay for a specific fee. Non-specific lender credits and specific lender credits are negative charges to the consumer. See also 1026.19(e)(3)(iv)(D) and comment 19(e)(3)(iv)(D)-1 for a discussion of lender credits in the context of interest rate dependent charges. Lender credits = sum of non-specific lender credits and specific lender credits disclosed as a negative number.
Citation(s): Commentary ¶19(e)(3)(i)-5; §1026.19(e)(3)(iv)(D); Commentary ¶19(e)(3)(iv)(D)-1 and §1026.37(g)(6)(ii)
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here