Here’s some good information provided by the CFPB to help lenders to better understand the TRID rule requirements and answer some questions about the disclosures. Access to an index of the questions addressed by the CFPB during webinars presented may be found on their website. (Index) This index will provide you a guide and links to where you can listen to…
CFPB’s long-awaited and much-anticipated Proposal for updating the “Know Before Owe” rules, or TRID, as it is better known to the lending industry, are now out. (Read all about it) The proposal answers some questions, clarifies prior comments, leaves some things unanswered, and closes the door on certain specific issues of major interest to the industry. CFPB indicates that it…
A Stratmore Group study released in March of this year reported that as the direct result of new TRID rules compliance costs increased $210 per loan. The report also indicated the increase was mainly attributable to an increase in staff. So, why the need for more staff when an investment in technology might do the trick? The preparation of the…
Wholesale lenders and brokers are looking to CFPB to clarify TRID rules for disclosures. Many hope this clarity will come with the new proposed rulemaking in July. For now, concern and confusion exist. (Disclosure) Under the new rules, CFPB has made it quite clear that the lender making the loan is the entity responsible for compliance. The lender may delegate…
Just in case you missed it here is an article I recently wrote which appeared Friday in MBA’s Newslink (Article). I believe that one of the benefits of TRID is that once again lenders are being forced to take a step back and take a long, hard look at how they do their business. Most industries have incorporated an increased…
Last week, during a webinar LoanLogics presented as an ABA-endorsed provider, a question was raised about the calculation of the basis for the 10% fee tolerance under TRID. In my response, I mentioned that I had covered this topic in a recent blog. I stand corrected. After checking, I realized this was inaccurate. I had covered this topic in my…
