CFPB Hints at Giving Lenders Some Leeway in TRID Compliance

According to a recent article in National Mortgage News, the Consumer Financial Protection Bureau (“CFPB”) has indicated that lenders will be given some leeway regarding their compliance with the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rules, also known as TRID. Speaking at an industry conference last week, Allison Brown, program manager in mortgage servicing at the office of supervision policy, told National Mortgage News that the CFPB would be “very sensitive” to the implementation’s impact on the mortgage market. During initial TRID exams, the CFPB “will focus on compliance management systems – what you did to get ready for the new rules.”

“We understand that most industry members were ready on Oct. 3, but there are going to be implementation challenges that you wouldn't know about until the rules took effect and you started using those disclosures,” Brown stated. According to the article, loan-closing timelines have increased by approximately four days since the rules took effect, though some predict the slowdown will be temporary. 

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