The Consumer Financial Protection Bureau (CFPB) released final amendments to its “Know Before You Owe” mortgage disclosure rule, which is also known as the TILA-RESPA Integrated Disclosure rule (TRID), on July 7, 2017. As stated in the accompanying press release issued by the CFPB, the amendments “are intended to formalize guidance in the rule, and
CFPB Issues Proposed Amendments to TRID Rule
Last week, the Consumer Financial Protection Bureau (CFPB) released its proposed amendments to the “Know Before You Owe” mortgage disclosure rule, commonly known as the Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule (TRID). While the proposed rules certainly do not address all of the industry’s concerns, they do clarify a number
Fannie Mae Survey Indicates Lenders’ Experiences with TRID have been Mixed at Best
On October 3, 2015, the CFPB’s new TILA-RESPA Integrated Disclosure rule (TRID) took effect. According to the CFPB, the purpose of TRID was to replace four long-standing consumer mortgage disclosure forms that the CFPB considered overlapping and confusing to consumers. The four forms were replaced by two new forms: the Loan Estimate and the Closing