When the Consumer Financial Protection Bureau (CFPB) reviews responses to the request for information it issued as part of its work implementing the “Promoting Access to Mortgage Credit” executive order, it should be prepared to read some in-the-weeds feedback.
The 30-day RFI, which closes Monday, had received 303 responses as of 5:30 p.m. EDT.
While some respondents provided feedback on all 22 of the CFPB’s questions, many focused on the TRID rule.
Short for TILA-RESPA Integrated Disclosure, TRID is also known as the “Know Before You Owe” rule. It combines mortgage disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The Community Home Lenders of America (CHLA) suggested modernizing TRID, including “ado...