CFPB TRID Sec. 10.8 - What information goes on the Closing Disclosure form – page 2?

Compliance > Regulation Z - TILA / TRID Specific > Closing Disclosures
Q:  What information goes on the Closing Disclosure form – page 2?
 
A:  The Loan Costs and Other Costs tables are disclosed under the heading Closing Cost Details on page 2 of the Closing Disclosure. (§§ 1026.38(f), (g), and (h)). The number of items in the Loan Costs and Other Costs tables can be expanded and deleted to accommodate the disclosure of additional line items and keep the Loan Costs and Other Costs tables on page 2 of the Closing Disclosure. (§ 1026.38(t)(5)(iv)(A); Comment 38(t)(5)(iv)-2). See 10.12 below (in the Bureau’s compliance guide) for further discussion.
 
However, items that are required to be disclosed even if they are not charged to the consumer (such as Points in the Origination Charges subheading) cannot be deleted. (Comment 38(t)(5)(iv)-1)
 
Seller-paid Loan Costs and Other Costs are required to be disclosed on the consumer’s Closing Disclosure, regardless of whether a separate Closing Disclosure is provided to the seller. Seller-paid real estate commissions are one example of seller-paid costs that may not be omitted from and must be included on the consumer’s Closing Disclosure. (§ 1026.38(g)(4); Comment 38(g)(4)-4). Additionally, non-commission real estate brokerage or agent charges for services to the seller or consumer are required to be itemized separately, with a description of the service and an identification of the person ultimately receiving the payment. (Comment 38(g)(4)-1 and -4; § 1026.2(a)(11) and (a)(22)). See section 11.7 (in the Bureau’s compliance guide) for more information about the modifications allowed when separating the seller and consumer’s Closing Disclosures.
 
The Loan Costs and Other Costs tables can be disclosed on two separate pages of the Closing Disclosure, but only if the page cannot accommodate all of the costs required to be disclosed on one page. (§ 1026.38(t)(5)(iv)(B); Comment 38(t)(5)(iv)-2). When used, these pages are numbered page 2a and 2b. (Comment 38(t)(5)(iv)-2). For an example of this permissible change to the Closing Disclosure, see form H-25(H) of appendix H to Regulation Z.
 
Construction loan inspection and handling fees are Loan Costs. These fees are disclosed differently depending on whether they are collected at or before closing or after closing. (Comment 38(f)-2). See section 14.18 of this Guide (the Bureau’s compliance guide) for more information about construction loan inspection and handling fees.
 
 
This Closing Disclosure / CD information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

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