In today’s Federal Register the CFPB published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013 with regard to property taxes and certain similar charges. The move apparently is intended to address an apparent oversight in the TRID rule regarding the treatment for tolerance purposes of property
tila-respa integrated mortgage disclosures rule
CFPB responds to industry concerns about TRID rule liability
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
Reacting to reports of investors refusing to purchase loans based on various, often technical, violations of the TILA/RESPA Integrated Disclosure (TRID) rule, the Mortgage Bankers Association (MBA) sent a letter to the CFPB on December 21, 2015 seeking guidance to allay investor concerns. (The version of the letter released by the MBA does not include…
CFPB issues TRID rule corrections
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
The CFPB has issued a final rule containing “technical corrections” to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015. The corrections are effective December 24, 2015, the date of their publication in the Federal Register.
According to the supplementary information accompanying the corrections, the publication of the TRID rule…
CFPB blinks on TRID rule effective date
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
CFPB Director Cordray issued a statement yesterday afternoon indicating that the CFPB will propose to delay the effective date of the TILA/RESPA Integrated Disclosure (TRID) rule until October 1, 2015. The CFPB has previously resisted calls from industry and lawmakers for a delay in the TRID rule’s scheduled August 1 effective date. Earlier this month,…
255 members of Congress seek TILA/RESPA integrated disclosure rule grace period
By Barbara S. Mishkin on
Posted in Mortgages, Regulatory and Enforcement
A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for the grace period to apply to “those seeking to comply in good faith from August 1st through…
Does Director Cordray fully appreciate the implications of the TRID rule?
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
Statements made by CFPB Director Cordray to the National Association of Realtors on May 12, 2015 suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule that is scheduled to become effective August 1, 2015.
The TRID rule requires that the combined consummation disclosure, which is called the…
House to hold May 14 hearing on TILA-RESPA integrated disclosures
By Barbara S. Mishkin on
Posted in Mortgages, Regulatory and Enforcement
On May 14, 2015, the House Financial Services Committee’s Subcommittee on Housing and Insurance will hold a hearing on “TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process.”
While the witnesses have not yet been announced, it is likely that the hearing will feature a renewed call from…
Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule
By Barbara S. Mishkin on
Posted in Mortgages, Regulatory and Enforcement
Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the TILA-RESPA integrated disclosure (TRID) rule which is set to take effect on August 1, 2015.
The bill provides that the…
CFPB and Fed to conduct Nov. 18 webinar on TILA-RESPA integrated disclosures rule
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
On November 18, the CFPB and the Federal Reserve will co-host the fourth in a series of webinars on the TILA-RESPA integrated mortgage loan disclosures rule. The webinar will focus on how to complete the new closing disclosure form. A link to register is available here.
See our prior blog posts for details about…
CFPB Updates Mortgage Rules Readiness Guide to Cover TILA-RESPA Integrated Mortgage Disclosure Rule
By Marc Patterson on
Posted in CFPB General, Regulatory and Enforcement
The CFPB has released Version 3.0 of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.” The Guide, originally issued in July 2013, now contains changes to the final rules issued through August 1, 2014. The updated Guide includes the TILA-RESPA Integrated Mortgage Disclosures Rule that takes effect in August 2015.
According to the CFPB, the…