H.R. 5953, THE BUILD ACT PASSES OUT OF COMMITTEE

摘要

The Financial Services Committee has approved HR 5953, the "Building Up Independent Lives and Dreams Act" (BUILD Act). Introduced by Representative Barry Loudermilk (R-GA), the BUILD Act addresses the challenges that certain charities face with the CFPB's TILA-RESPA Integrated Disclosure (TRID) rule. This bill allows certain charitable mortgage loan transactions to qualify for use of the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms instead of those required under the TRID rule.