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.