The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible remediation methods for such errors. Senator Corker commented in his letter that “there appears to be an overarching concern that the rule’s lack of specificity and clarity has created challenges for a number of market participants;” and observed that “the lack of clarity around what constitutes a technical error and the curability of those errors by the CFPB has led to confusion throughout the market.”
The Bureau’s response, issued by Director Cordray and dated April 7, 2016, responds item-by-item to the Senator’s concerns, summarizing Bureau resources addressing the areas of concern raised by Senator Corker. Included within these resources are recent webinars covering construction loan disclosures and frequent post-implementation questions. However, except for summarizing the various methods by which the Bureau has issued unofficial guidance and the TRID rule cure provisions, Director Cordray was unwilling to commit to providing any official guidance on these or any other areas of industry concern.