The American Bankers Association (ABA) has released the results of a post-TRID (TILA-RESPA Integrated Disclosure) mortgage lender survey showing that some banks are so burdened by the complex regulation, they are charging higher mortgage loan fees to consumers. And while that finding is sure to raise eyebrows at the Consumer Financial Protection Bureau (CFPB), which had consumer-friendly goals in mind in implementing Know Before You Owe, the ABA says its survey results warrant the bureau taking a close look at some of the uncertainties and compliance concerns that persist even five months after TRID took effect. Respondents cite additional training, audits and reviews About a quarter of the 548 banker participants in ABA's survey reported that TRID's heavy compliance burden has increased the total cost to the consumer to obtain a loan. Those increases are occurring in origination, closing and settlement, attorney, appraisal, loan lock, processing, administration, abstra...
- The results of a survey conducted by the American Bankers Association show that the costs of TRID could be raising consumer mortgage loan fees and delaying transactions.
- The increased costs are occurring in origination, closing and settlement, attorney, appraisal, loan lock, processing, administration, abstracting and application fees.
- ABA is calling for the Consumer Financial Protection Bureau to take a closer look at some of these uncertainties and compliance concerns.