April 29, 2016 Alert - CFPB Announces Decision to Re-Open TRID

In a letter of response to a mortgage joint trade association inquiry, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray acknowledged that “the implementation of the Know Before You Owe [more commonly known as the TILA-RESPA Integrated Disclosure Rule ("TRID")] poses many operational challenges” and that “the Bureau continues to work very hard to understand your concerns so that we can find the most effective solutions.” The letter went on to outline a process for issuing a formal Notice of Proposed Rule Making to formally address many outstanding questions that, to date, have been addressed through webinars and informal oral guidance. The CFPB has already begun drafting the rule and plans to hold meetings with key stakeholders in advance of its targeted publication date in late-July.  

SFIG applauds the CFPB’s decision to re-open the rule and echoes the statement of Senator Bob Corker: “These new mortgage disclosure requirements have created some challenges for consumers and institutions. I commend Director Cordray for taking this important step to provide more clarity. The TRID rule is impacting millions of Americans, and we must ensure it is implemented in the most transparent and effective manner possible.”

SFIG plans to comment on the upcoming Notice of Proposed Rule Making and will solicit input from its members.

Please contact Daniel.Goodwin@sfindustry.org with questions regarding TRID.

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