CFPB Issues Letter on TRID Enforcement and Liability: Consumer Financial Protection Bureau

SOURCE: Mortgage News Feed

On December 29, 2015, Consumer Financial Protection Bureau, CFPB, Director Richard Cordray sent a letter to the president of the Mortgage Bankers Association regarding implementation of the CFPB’s Know Before You Owe mortgage disclosure rule (more commonly known as the Truth in Lending and RESPA integrated disclosure rule, or TRID) responding to concerns raised by the MBA.  The letter addressed concerns that technical TRID violations are resulting in extraordinarily high rejection rates by secondary market purchasers of mortgage loans by stating that rejections based on “formatting and other minor errors” are “an overreaction to the initial implementation of the new rule” and that the risk to private investors from “good-faith formatting errors and the like” is “negligible.” Read Full Article Here >>


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