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Posted Date: Tuesday, December 5, 2023
With its recent approval of a
trial construction loan disclosure template, the Consumer Financial Protection
Bureau (CFPB) took the first step for the bureau’s Trial Disclosure Program toward
establishing distinct requirements for construction loans, as opposed to other
real estate loan types.
Through ongoing testing
efforts, the bureau hopes the program will help to identify and define
parameters to guide compliance personnel when interpreting and applying the
CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule, also known as “Know
Before You Owe” requirements, to construction loan originations. Read on »
Posted Date: Friday, May 1, 2020
In offering regulatory relief to the industry in a time of business disruption, the Consumer Financial Protection Bureau (CFPB) added a new changed circumstance to the TRID rule, which would allow borrowers and lenders to make changes to TRID compliance.
“The steps we are taking today will help consumers facing financial emergencies obtain access to mortgage credit faster,” CFPB Director Kathy Kraninger said in a release.
Read on for details of what the bureau now considers a changed circumstance. Read on »
Posted Date: Friday, February 21, 2020
Once again, the Consumer Financial Protection Bureau declined to discuss any of the findings from its TRID exams in the latest version of its Supervisory Highlights.
In 11 reports since the implementation of the TRID rule, only one has contained any guidance from supervisory findings around TRID – that coming in September 2017.
Instead, the latest version of the report – covering the period from April through August 2019 – tackled payday lending, debt collection, mortgage servicing and student loan servicing. Read on »
Posted Date: Friday, February 7, 2020
The immediate focus for many from Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s appearance before the House Financial Services Committee was the discussion on the bureau’s recent policy statement surrounding abusiveness.
But the most revealing moments might have come in two of the CFPB’s most recent enforcement cases.
Read on for details from Kraninger’s appearance, including her response to notions that the CFPB was weak in its handling of a recent bank enforcement action. Read on »
Posted Date: Friday, January 31, 2020
Various trade advocates pointed to the additional cost burdens associated with TRID regulations and questioned whether those regulations have had the desired effect.
Advocates for both community banks and credit unions, in particular, cited numerous concerns pertaining to TRID’s impact on compliance costs and its impact on their effect on smaller institutions’ ability to compete with their larger industry counterparts.
Learn more about the industry’s concerns. Read on »
Posted Date: Thursday, November 21, 2019
Sitting in the crosshairs of the Consumer Financial Protection Bureau’s (CFPB) five-year look-back agenda is the TILA-RESPA Integrated Disclosure (TRID) rule.
That fact theoretically could lead to changes to TRID provisions.
Get more information about what the bureau is hoping to learn about the rule’s impact. Read on »
Posted Date: Tuesday, January 22, 2019
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. Read on »
Posted Date: Tuesday, October 9, 2018
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? Read on »
Posted Date: Thursday, August 9, 2018
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. Read on »
Posted Date: Friday, July 27, 2018
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. Read on »
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