Industry NewsMortgage

TRID, take 2?

CFPB says it is working on a notice of proposed rulemaking to give the rule ‘greater certainty and clarity’; here’s what the real estate segment wants to see change
  • 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.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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. [gview file="http://www.inman.com/wp-content/uploads/2016/04/TRID-letter-april-28.pdf"] 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.” Why change TRID now? “We recognize that the implementation of the Know Before You Owe rule poses many operational challenges. We al...