National Mortgage News: SFIG TRID Compliance Review Scope © Improves Securitization Turn Times

According to a recent National Mortgage News article, SFIG has helped resolve many of the ambiguities associated with the Truth in Lending (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rules thanks to the publication of its RMBS 3.0 TRID Compliance Review Scope© documentation on June 15th. The article notes that turn times increased significantly when TRID first went into effect in October, because aggregators who typically buy the loans were taking more time to review files. However, as a result of SFIG’s TRID documentation – which aims to standardize how third party review firms diligence loans – there is less ambiguity in the market and improved liquidity.

The CFPB is expected to issue a Notice of Proposed Rulemaking at the end of July which market participants hope will also reduce ambiguity around TRID. For questions about the TRID documentation and SFIG’s engagement with the CFPB, please contact Daniel.Goodwin@sfindustry.org. To join any of SFIG’s RMBS Due Diligence, Data and Disclosure Working Group and contribute to this work, please contact Marshall.Bornemann@sfindustry.org.

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