With the TRID 2.0 changes finalized and changes to address the ‘Black Hole’ out for comment, some in Congress are already looking at additional upgrades to the Rule. A Bill sponsored by Representative French Hill (R /AK) was introduced for discussion in the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee. Try and say that one…
The updates to the TRID rules, recently released by CFPB, include a clarification of the tolerance limits for the fees for the services for which a consumer may shop when a service provider list is not provided. These are the fees disclosed to a borrower in Section C of the Loan Estimate. TRID requires a lender to disclose all fees…
The Consumer Financial Protection Bureau finally issued their long-awaited updates the “Know Before You Owe” rule (better known to lenders as TRID) on Friday, July 7th. The big news is not so much of what CFPB said, but more so in what was not said. CFPB addressed some areas that needed clarification. But, noticeably they side-stepped two of the main…
Recent reports from lenders and QC vendors show that overall loan defects are on the decline, including defects related to the TRID rules. This is good news for lenders, the secondary markets, and the housing industry. Fewer defects mean better loans, better loans mean fewer delays with better performance and fewer delays with good loan performance contributes to a much…
The comment period for the changes to the CFPB “Know before You Owe” rule, better known to the industry as TRID, was up October 18th. The industry groups, i.e. MBA, ABA, CBA, etc. all submitted their comments. Did you? CFPB proposed several changes to the TRID rules based on issues raised by the industry and others. One key element they…
Recently, I responded to some questions posed by one of our trade publication, Mortgage.Orb, about CFPB’s proposed changes to the Know Before You Owe, rules (TRID). One of these questions asked about CFPB’s decision to not address the current ‘cure’ options under the new rule. This is of major concern to many lenders and understandably so. CFPB believes in trying…
