MBA, Trade Groups Urge Support for TRID Improvement Bill
The Mortgage Bankers Association and nearly two dozen industry trade groups sent a letter to the House, urging members to support legislation that would allowing title insurance companies to disclose available discounts and accurate title insurance premiums to consumers.
H.R. 3978, the TRID Improvement Act of 2017 (https://www.congress.gov/bill/115th-congress/house-bill/3978), introduced by Rep. French Hill, R-Ark., and Ruben Kihuen, D-Nev., would amend the Real Estate Settlement Procedures Act to require the Consumer Financial Protection Bureau to allow accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
The letter noted under current regulations, the CFPB does not permit title insurance companies to disclose available discounts for lender’s title insurance on the government mandated disclosure forms.
“This creates inconsistencies in mortgage documents and causes confusion for consumers,” the trade groups said. “H.R. 3978 would reduce this confusion by allowing title insurance companies to disclose available discounts and accurate title insurance premiums to consumers. This straightforward fix would benefit consumers across the country.”
Joining MBA in the letter: American Bankers Association; American Escrow Association; American Land Title Association; Association of Mortgage Investors; Community Home Lenders Association; Community Mortgage Lenders of America; Consumer Mortgage Coalition; Credit Union National Association; Escrow Institute of California; Housing Policy Council of the Financial Services Roundtable; Independent Community Bankers of America; Minnesota Land Title Association; National Association of Federally Insured Credit Unions; National Association of Home Builders; Nevada Land Title Association; Ohio Land Title Association; Palmetto Land Title Association; Real Estate Services Providers Council; Securities Industry and Financial Markets Association; Texas Land Title Association; and the U.S. Chamber of Commerce.
