On July 29, 2016, the CFPB published proposed amendments to the TRID Rules on its website and on August 15, 2016, the CFPB also published the proposed amendments in the Federal Register (81 FR 54318). For ease of reference, the proposed amendments along with the existing text deleted and the existing text not deleted are reproduced below in the following manner: proposed amendments;[existing text deleted]; and, existing text not deleted. Section 1026.1 is amended by revising paragraph (d)(5) to read as follows: §1026.1 Authority, purpose, coverage, organization, enforcement, and liability. (d) Organization. (5) Subpart E contains special rules for mortgage transactions. Section 1026.32 requires certain disclosures and provides limitations for closed-end credit transactions and open-end credit plans that have rates or fees above specified amounts or certain prepayment penalties. Section 1026.33 requires special disclosures, including the total annual loan cost rate, for reverse mortgage transactions. Section 1026.34 prohibits specific acts and practices in connection with high-cost mortgages, as defined in §1026.32(a). Section 1026.35 prohibits specific acts and practices in connection with closed-end higher-priced mortgage loans, as defined in § 1026.35(a). Section 1026.36 prohibits specific acts and practices in connection with an extension of credit secured by a dwelling. Sections 1026.37 and 1026.38 set forth special disclosure requirements for certain closed-end transactions secured by real property or a cooperative unit, as required by §1026.19(e) and (f).

Complete Memorandum