The correction of a typographical error in the final rule on integrate disclosures clarifies that certain costs won’t be included in allowable tolerances.
In 2013, a final rule was issued on integrated disclosures required under the Real Estate Settlement Procedures Act and Truth in Lending Act.
The TILA-RESPA Integrated Disclosure Rule, more commonly known as TRID, was issued by the Consumer Financial Protection Bureau.
According to one section of the original Federal Register filing,
property insurance premiums, property taxes, homeowner’s association dues, condominium fees and cooperative fees were subject to tolerances.
But that was a typographical error, according to a Federal Register filing by the CFPB on Wednesday.
As a result, that part of the filing conflicted with another part.
“Consequently, on page 79829 of the 2013 Supp. Information, regarding ‘property insurance premiums, property taxes, homeowner’s association dues, condominium fees and cooperative fees,’ the phrase ‘are subject to tolerances’ should read ‘are not subject to tolerances,’ today’s filings stated.
