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CFPB releases TRID rule changes

The Consumer Financial Protection Bureau (CFPB) has finalized several revisions to TRID, the 2015 mortgage disclosure rule that changed the way that the lenders disclose the costs of mortgages to borrowers.

The CFBB issued a final rule on Friday that is intended to clarify several aspects of the rule, which is also known as “Know Before You Owe.”

The Bureau has also made a few substantive changes to the rule.

One change, which will now allow lenders and settlement agents to share the closing documents with sellers and real estate agents, drew praise from the National Association of Realtors. 

“Consumers depend on their real estate agent to help guide them from pre-approval to closing, but that job is significantly harder when an agent is denied access to the closing disclosure," NAR President William Brown said. "The CFPB has again made clear that lenders may share disclosures with third parties, including real estate agents. This was common practice for years in advance of Know Before You Owe, and Realtors are eager to see that cooperative atmosphere take hold once again," Brown said.   

Mortgage Bankers Association President David Stevens also praised the CFPB for revising TRID. 

"This is an extensive rule and we intend to review it closely with our members," Stevens said. "We note that CFPB has proposed a new rule to deal with issues concerning needed revisions to the closing disclosure during the mortgage process that we will carefully review and comment on as well."

Not all were happy with the change. The American Land Title Association said the CFPB ought to have revised TRID so that the disclosures would more accurately reveal the costs of title insurance. 

“Chalk this one up to an opportunity missed," said Michelle Korsmo, ALTA’s chief executive officer. "While it made some important clarifications, the CPFB failed to address the item that confuses buyers and sellers the most at closing." 

TRID, the acronym for TILA-RESPA Integrated Disclosure Rule, created new streamlined disclosure forms and a reporting system, to ensure that borrowers were aware of the costs of the loan well advance of the closing date. The industry faced considerable technical hurdles ahead of the Oct. 3, 2015 start date. Industry trade groups have called on the Bureau to clarify many aspects of it.

A summary of substantive changes to TRID can be read here.

The text of the final rule is available here.  


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