July 12, 2018
United States Senate
Washington, DC 20515
Dear Senator:
On behalf of the undersigned organizations, we urge you to cosponsor, support and pass S. 2490, the TRID Improvement Act of 2018, which would amend the Real Estate Settlement Procedures Act (RESPA) to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
Under current regulations, the TILA-RESPA Integrated Disclosure (TRID) does not permit disclosure of available discounts for lender’s title insurance on the government mandated disclosure forms. This creates inconsistencies in mortgage documents and causes confusion for consumers.
S. 2490 would reduce this confusion by allowing title insurance companies to disclose available discounts and accurate title insurance premiums to consumers. This straightforward fix would benefit consumers across the country.
We appreciate Senators Tim Scott and Doug Jones for introducing this bipartisan legislation and respectfully request that you cosponsor, support and pass S. 2490, the TRID Improvement Act of 2018, to allow the accurate disclosure of title insurance premiums and discounts to homebuyers.
Sincerely,
American Bankers Association
American Escrow Association
American Land Title Association
Association of Mortgage Investors
Community Home Lenders Association
Community Mortgage Lenders of America
Consumer Mortgage Coalition
Credit Union National Association
Escrow Institute of California
Housing Policy Council
Independent Community Bankers of America
Mortgage Bankers Association
National Association of Federally-Insured Credit Unions
National Association of Home Builders
National Association of Realtors
Palmetto Land Title Association
Real Estate Services Providers Council
U.S. Chamber of Commerce