TRID

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger responded to calls from industry stakeholders and senators for the bureau to update TILA-RESPA Integrated Disclosure (TRID) requirements to improve the accuracy of information collected.

Her response indicated that any potential TRID changes may not happen until at least 2020, when the bureau is statutorily required to assess the rule’s effectiveness.

Find out more details about her response and the concerns raised by stakeholders.

The period of voluntary compliance is over with respect to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) amendments. However, TRID compliance remains tantamount to a moving target some in the industry just can’t seem to hit.

As the updated TRID provisions have taken effect, many continue to struggle with the disclosure requirements implemented three years ago as regulators have gotten more technical in their examinations.

Why are examiners’ increasingly focusing on technical aspects of TRID and what can lenders do to avoid violations?

At the 2018 National Settlement Services Summit (NS3) in Detroit, panelists addressed how title agents, the keepers of critical data “gold,” can best leverage it to acquire market share and business. The title agent is at the center of the closing transaction and captures critical data elements that lenders need to meet for compliance.

DocMagic eServices Director Tim Anderson and Pepper Hamilton, LLP, Special Counsel John Levonick told the audience that despite two years of TRID and now with the new FHFA Uniform Closing Dataset (UCD) requirement, most processes are still very manual so they keep asking the regulatory agencies and GSEs to water down and delay the requirements. 

Read on to learn more. 

Advocating for single-family residential construction loans to be exempt from TILA-RESPA Integrated Disclosure (TRID) requirements, more than 100 bankers made their case in a letter to Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney.

The bankers argued that TRID requirements have created confusion for consumers and caused many banks to exit the market because of the associated costs and strict compliance standards for the underwriting and construction process.

Find out what the bankers had to say in their letter.

Now that many of the industry-sought changes to the Dodd-Frank Act have been ratified, the financial industry must plan how it will go about implementing its various provisions from a policy and technology standpoint.

Ron Haynie of the Independent Community Bankers of America and Mark Mackey of IDS broke down some of the major adjustments financial entities and technology providers will have to make for the newly minted law while speaking with Dodd Frank Update.

Learn what provisions they believe will prove fairly straight-forward to implement and which ones may take a little more time.

After years advocating for rollbacks to various Dodd-Frank Act provisions, financial industry leaders are getting at least a portion of what they asked for courtesy of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

The House voted 258-159 to pass the measure, sending it to President Donald Trump’s desk for final approval. Thirty-three Democrats submitted “Yea” votes and Rep. Walter Jones (R-N.C.) cast the only dissenting vote on the Republican side.

Find out what industry participants, congressional representatives (past and present) and consumer advocacy groups had to say about the heavily debated measure.

Addressing what is commonly known as the “black hole” issue, the Consumer Financial Protection Bureau (CFPB) has finalized a rule amending to its TILA-RESPA Integrated Disclosure (TRID) mortgage rule, also known as “Know Before You Owe,” clarifying when lenders may pass on increased closing costs to borrowers and disclose them on a Closing Disclosure.

Richard Horn, principal attorney at Garris Horn Legal, PLLC, told Dodd Frank Update that the amendment effectively has fixed the black hole issue, but noted that creditors still will need to pay close attention to TRID’s “due diligence” standard for compliance purposes.

Find out more details about the newly finalized TRID fix.

The company that brought the mortgage industry’s first collaborative solution for TRID transactions is ready to take eMortgage collaboration to another level.

Black Knight Lending Solutions Senior Vice President/Managing Director Andy Crisenbery recently sat down for an in-depth conversation about the company’s latest project, Expedite Close, which launches in the first quarter this year to bring eMortgage adoption to volume.

Read on to learn more. 

The Senate Banking Committee passed S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act,” with support from Democrats and Republicans, as well as the financial industry.

The legislation primarily is intended to benefit community banks, mid-size banks, smaller regional banks, credit unions and custody banks. The bill gained new amendments specifically affecting credit unions during the mark-up phase.

Read on to find out more about the legislation ahead of a vote by the full Senate. 

After much advocacy from lenders and the mortgage servicing industry, the Consumer Financial Protection Bureau recently released its proposed changes to the TILA-RESPA Integrated Disclosure (TRID) Rule, intended to eliminate the “black hole” issue, which was not addressed in TRID amendments the bureau released in July 2017.

The proposal would allow creditors to reflect cost changes using initial or corrected closing disclosures to determine if an estimated closing cost was disclosed in good faith, regardless of when the closing disclosure was provided relative to consummation.

Find out what some financial trade associations are saying about the amendments.