CFPB to Consider Possible Changes to TRID

Yesterday, the Consumer Financial Protection Bureau issued a letter announcing that they are drafting a Notice of Proposed Rulemaking on TRID. In the letter to industry trade groups, Richard Cordray, director of the CFPB, said, “We recognize that the implementation of the Know Before You Owe rule poses many operational challenges. We also recognize that implementation is particularly challenging because of the diversity of participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies, through warehouse lenders, investors, due diligence firms, and rating agencies, whose perspectives may vary as to what compliance under the rule requires. The Bureau continues to work very hard to understand your concerns so that we can find the most effective solutions.”
Cordray then mentioned the various ways the CFPB is working to address concerns about TRID, including their implementation support webpage. Of particular importance, he added, “We also believe that there are places in the regulation text and commentary where adjustments would be useful for greater certainty and clarity. Accordingly, we have begun drafting a Notice of Proposed Rulemaking…We hope to issue the NPRM in late July and look forward to your comments on it then.”