Charities May Gain TRID Relief Thanks to Recent Bill
Charities may be gaining TRID relief thanks to a new bill that has been approved by the House Financial Services Committee. The bill would likely scale back on TILA-RESPA requirements due to the integrated disclosures rule, according to a recent National Mortgage News report.
The bill is now on its way to the lower chamber after being approved by the committee with a whopping 53-0 vote.
"Rep. Barry Loudermilk, R-Ga., introduced the Building Up Independent Lives and Dreams, or BUILD, Act on May 24," according to NMN.
"It would allow charitable organizations that originate 0% interest rate mortgages to use the good faith estimate, the truth-in-lending and the HUD-1 settlement statement rather than the Loan Estimate and Closing Disclosure forms created by the Dodd-Frank Act."
Loudermilk cited Habitat for Humanity as just one of the many charities that would benefit from the bill. Nonprofit companies would no longer deal with complicated requirements, instead, the process would be simplified and streamlined.
To learn more about the bill, click on the image above.