The CFPB's attempt to simplify lending has backfired
  • Shopping for a loan can be a good idea. But not every product and service can be reduced to price-quantity-part number.
  • Those consumers most vulnerable as lender pigeons are also least able to understand disclosures and contracts, and making them more complex is a fool’s errand.

As everyone in the real estate business knows — and new buyers and sellers are finding out — TRID (TILA-RESPA Integrated Disclosures) became the law of residential mortgage lending and financed sales last October. TRID is the work of the Consumer Financial Protection Bureau (CFPB). I am not one of the anti-government types, nor a reflexive opponent of regulation or even the CFPB.