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US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-524
TRID IMPROVEMENT ACT OF 2017
JANUARY 25, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 3978]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3978) to amend the Real Estate Settlement Procedures
Act of 1974 to modify requirements related to mortgage disclosures,
and for other purposes, having considered the same, report favor-
ably thereon without amendment and recommend that the bill do
pass.
PURPOSE AND SUMMARY
Introduced by Representative French Hill on October 5, 2017,
H.R. 3978, the TRID Improvement Act of 2017 amends the Real
Estate Settlement Procedures Act to require the Consumer Finan-
cial Protection Bureau to allow for the calculation of the discounted
rate title insurance companies may provide to consumers when
they purchase a lenders and owners title insurance policy simulta-
neously.
BACKGROUND AND NEED FOR LEGISLATION
When an individual purchases a home, they receive a deed,
which shows the seller transferred legal ownership, or the title,
to the home. Title insurance can provide protection if a buyer is
sued for a claim against the home before purchase. Common claims
come from a previous owner's failure to pay taxes or from contrac-
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