Chapter 22 — Further Reading

Grouped by the book's three citation tiers. Regulatory material changes; every source below should be consulted in its current version, and none of it substitutes for your compliance department.

If you read only one thing

The Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure rule small entity compliance guide. Published free by the Bureau, updated as the rule is amended, and written for people who have to apply the rule rather than litigate it. It contains the material this chapter teaches, in more detail, with the Bureau's own worked examples — including tables setting out which timing rules use which definition of business day and how each tolerance category works. If you keep one document about TRID on your desk for your whole career, keep the current version of this one.

The Bureau publishes companion material alongside it: a guide to the Loan Estimate and Closing Disclosure forms that walks the forms field by field, and a disclosure timeline example. Get all of them at once. They are free.

Tier 1 — Verified canonical

Regulation Z, 12 C.F.R. Part 1026. The rule itself. The sections this chapter lives in:

  • §1026.2(a)(6) — the two definitions of "business day," and the enumeration by citation of which timing rules take the precise definition. Read this section slowly; it is three sentences and it decides more exam questions than any other three sentences in the regulation.
  • §1026.19(e) — the Loan Estimate: timing, good faith, tolerances, changed circumstances, revised disclosures.
  • §1026.19(f) — the Closing Disclosure: timing, receipt, changes before consummation, changes after, and the cure provisions.
  • §1026.22 — the accuracy tolerances for the annual percentage rate.
  • §1026.25 — record retention, including the three-year and five-year periods.
  • §§1026.37 and 1026.38 — the content of the Loan Estimate and the Closing Disclosure, box by box. When you need to know what belongs on a specific line, this is where the answer is.
  • Appendix H to Regulation Z — the model and sample forms. H-24 is the Loan Estimate; H-25 is the Closing Disclosure. Print a blank pair and a completed pair and keep them.
  • The Official Interpretations (commentary) to Regulation Z. Published with the regulation. Much of what practitioners argue about is settled here, including the treatment of federal holidays that fall on a weekend and the scope of each changed-circumstance category.

Regulation X, 12 C.F.R. Part 1024 — the RESPA side, including the settlement services provisions that survived integration. Chapter 24 owns RESPA Section 8; this chapter borrows only the written list of service providers.

The Truth in Lending Act (15 U.S.C. §1601 et seq.) and the Real Estate Settlement Procedures Act (12 U.S.C. §2601 et seq.) — the underlying statutes, worth reading once for their stated purposes, which explain why the two halves of TRID think so differently.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) — the provisions creating the Bureau and directing integration of the mortgage disclosures. The relevant sections are short and the assignment they give is remarkably specific.

5 U.S.C. §6103(a) — the statute naming the federal legal public holidays. One paragraph. Read it once so you know exactly which eleven days you are excluding.

The CFPB's published rulemaking record for the integrated disclosures — the 2013 final rule and its preamble, the 2017 amendments, the 2018 amendment removing the timing restriction on using a Closing Disclosure to reset tolerances, and the Bureau's five-year assessment of the rule. The preambles explain why provisions say what they say, which is frequently the fastest route to understanding what they mean.

Tier 2 — Attributed, specifics unverified or perishable

Your lender's TRID matrix or fee-mapping document. Every lender maintains an internal mapping of its fee codes to sections A through H and to tolerance buckets. This is the single most operationally useful document in your building and almost no loan officer has ever asked for it. Ask. Then check that the fees you actually see on your files are mapped the way you expect.

Your lender's written list of service providers, and the process by which it is generated and delivered. Case Study 22.2 is about what happens when nobody owns this. Confirm who does.

Industry time-to-close reporting. Several vendors and trade organizations publish periodic averages for days from application to closing. These are useful for direction and trend and are frequently misquoted as precise facts. Check the definition — application to closing is not the same interval as approval to closing — before you repeat a number to an agent.

Trade association compliance material from the Mortgage Bankers Association, state mortgage bankers and brokers associations, and the American Land Title Association, whose members produce the Section C charges you disclose. Practitioner-level, current, and written by people who implement these rules. Attribute honestly; none of it is regulatory authority.

Your state's disclosure and closing requirements. Attorney-state closing rules, state-specific disclosures, and state timing requirements layer on top of TRID and vary enormously. Your compliance department and any experienced closing attorney or title officer in your market can give you the operative list.

Commercially published TRID compliance guides and checklists. Useful; perishable. Check the publication date against the amendment history before you rely on one.

Tier 3 — Illustrative and constructed

The Linden Street file, and every figure in it: the day-5 and day-12 Loan Estimates, the day-48 Closing Disclosure, the \$14,126.34 of closing costs, the \$25,376.34 cash to close, the \$914.38 lock extension, the ten-percent bucket at \$1,835.00 disclosed against \$1,957.00 charged, and the 51-day calendar. Constructed for this book. The arithmetic is exact; the circumstances are invented.

The composite implementation failure in Case Study 22.2 — 212 files, 138 with exposure, \$187.40 average, \$25,861.20 in refunds. Constructed from documented industry patterns. Not an account of any real lender.

Every rendered form excerpt in this chapter. The Loan Estimate page 1, the Closing Disclosure pages 2 and 5, and the Calculating Cash to Close table are constructed renderings that preserve the structure and the arithmetic of the real forms without reproducing their exact typography. For the authoritative layout, use Appendix H to Regulation Z.

Where to go next in this book

  • Chapter 23 — closing day, disbursement, recording, the escrow account, and the aggregate adjustment on Closing Disclosure page 2.
  • Chapter 24 — RESPA Section 8 and TILA generally, including the right of rescission and where it applies.
  • Chapter 4 — the arithmetic behind the five Loan Calculations figures: APR, amount financed, finance charge, total of payments, and the Total Interest Percentage.
  • Chapter 9 — the six application items, the Loan Estimate trigger, and intent to proceed.
  • Chapter 30 — rate locks, lock terms, and what an extension actually costs.