On Thursday, February 4th, SFIG staff and members met with the Consumer Financial Protection Bureau (“CFPB”) to discuss the implementation of the Know Before You Owe (“KBYO”) disclosure rules, also known as the Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure (“TRID”) rules, and their impact on the secondary mortgage market. SFIG communicated the concerns of members including mortgage issuers, due diligence providers, legal experts, and rating agencies regarding market participants’ ability to cure errors found on the disclosure forms and highlighted the divergent understandings of KBYO non-compliance issues that currently exist in the industry.
SFIG appreciates the CFPB’s willingness to meet and discuss the matter and hopes the industry will be given additional clarity soon to ensure compliance with the rules. For questions about the meeting, please contact Daniel.Goodwin@sfindustry.org. If you are a mortgage issuer and wish to register for the Residential Mortgage Issuer Committee, please contact Amanda.Bateman@sfindustry.org.