CFPB Finalizes TRID Update

In a much anticipated release, the CFPB finalized revisions to TILA-RESPA Integrated Disclosure rules, for which the mandatory compliance date is October 1, 2018. HousingWire reported that new amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty.

"Our updates will clarify parts of our mortgage disclosure rule to make for a smoother implementation process for lenders and consumers," stated CFPB Director Richard Cordray. The complete 560 page update can be found on the CFPB's website here.

SFIG applauds the efforts of the CFPB to clarify what are exceptions to TRID rules and how such exceptions might be remediated. However, there continues to be uncertainty to the interpretation of the rules and SFIG is committed to continuing to work with its membership, other trade associations, Congressional representatives, and the CFPB to bring certainty to such rules. On June 15, 2016, SFIG published its RMBS 3.0 TRID Compliance Review Scope© documentation. SFIG members can access the documentation after login. Non-members can purchase a PDF copy of the document here.

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