Washington, D.C., March 06, 2018 (GLOBE NEWSWIRE) -- The American Land Title Association (ALTA), the national trade association of the land title insurance industry, thanks Sens. Tim Scott (R-SC) and Doug Jones (D-AL) for introducing The TRID Improvement Act (S. 2490), a bipartisan bill that corrects the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID) and helps consumers understand the true cost of their real estate transaction.
The bill amends the Real Estate Settlement Procedures Act (RESPA) to require the Consumer Financial Protection Bureau (CFPB) to allow the accurate disclosure of title insurance premiums and discounts to homebuyers. Under the current regulation, the CFPB does not allow title insurance companies to disclose available discounts for lenders title insurance on the government mandated disclosures.
“This bill is about improving transparency and making sure consumers receive disclosures that accurately show the cost of the one-time fee that protects their property rights,” said Michelle L. Korsmo, ALTA’s chief executive officer. “Our research shows that 40 percent of consumers feel confused by the CFPB’s requirement to provide inaccurate pricing on title insurance. As we’ve said before, this bill is about ensuring legislation works for consumers and the industry. We’re thankful Senators Tim Scott and Doug Jones understand the need for a straightforward fix that benefits consumers across the country and eliminate the inconsistencies in mortgage documents that cause confusion for homebuyers.”
The senators have asked Senate Banking Committee Chairman Mike Crapo (R-ID) for inclusion of this bill in S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which is being debated in the Senate starting today.
“TRID was supposed to make things easier for homebuyers, but instead it’s made it near impossible to figure out how much their title insurance actually costs,” Sen. Scott said. “The bipartisan TRID Improvement Act will ensure that more South Carolinians are able to attain the dream of homeownership without burdensome regulations getting in the way."
Sen. Jones added: “I’m proud to co-sponsor this commonsense bill that will provide more clarity for Alabama consumers when purchasing a home.”
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About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,200 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys. ALTA members conduct title searches, examinations, closings, and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.
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