SOURCE: Mortgage News Feed
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has written a letter to the financial industry trades and their members recognizing the “operational challenges” the industry is experiencing as a result of the Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule implemented last October. With that in mind, Cordray said in his letter that the Bureau is considering making some “adjustments” in the regulation text to provide greater certainty and clarity. Since TRID, also called the “Know Before You Owe” rule, was implemented on October 3, and even for months prior, many in the mortgage industry have complained of the complexity of implementing the rule and the difficulty of complying, despite the rule’s goal of making it easier on all parties involved to close a mortgage loan. Read Full Article Here >>
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