If you have ironed out your bugs and confusion in the seven months since the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule took effect, don’t get too comfortable. More changes to the biggest mortgage transaction overhaul we’ve had in four decades are on the way. In a letter issued to several banking and financial services industry trade groups yesterday, the CFPB said it has “begun drafting a notice of proposed rulemaking on TRID, or the “Know Before You Owe” rule, as the bureau prefers to call it.
- The CFPB has “begun drafting a notice of proposed rulemaking on TRID."
- The proposed rule, which the bureau expects to be released in late July, will address “places in the regulation text and commentary where adjustments would be useful for greater certainty and clarity.”
- The CFPB encouraged industry stakeholders to continue to submit questions, comments and feedback.
- The CFPB is unlikely to make substantial revisions to the TRID rule, but the biggest concern for real estate agents and brokers seems to be getting the same access to the Closing Disclosure (CD) form that they had with the old HUD-1 form.