CFPB TRID Sec. 11.8 - What if there is more than one consumer involved in a transaction?

Compliance > Regulation Z - TILA / TRID Specific > Closing Disclosures
Q:  What if there is more than one consumer involved in a transaction?
 
A:  In rescindable transactions, the Closing Disclosure must be given separately to each consumer who has the right to rescind under TILA (see § 1026.23), although the disclosures required for adjustable rate mortgages need only be provided to the consumer who expresses an interest in a variable-rate loan program. (§ 1026.19(b)) See Comment 2(a)(12)-2 for more information about which parties are considered consumers in rescindable transactions.
 
In transactions that are not rescindable, the Closing Disclosure may be provided to any consumer with primary liability on the obligation. (§ 1026.17(d); Comment 17(d)-2)
 
Note:  Under the label Borrower on the Closing Disclosure, only the names and mailing addresses of the person or persons to whom the credit is extended are listed. If the form does not provide enough space to include the required information, a separate addendum can be added. (Comments 38(a)(4)-1 and -4)
 
 
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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