- Business Rules
Any thoughts on how to explain the Total Interest Percentage (TIP) to consumers?The Total Interest Percentage (TIP) = The total amount of interest that is paid over the loan term as a percentage of the loan amount. For example, if the Loan Amount is $100,000 and the total amount of interest that the consumer will pay over the Loan Term is $50,000, then the TIP is 50%.
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here