Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Tag Archives: TRID

Citing Operational Challenges, CFPB May Rewrite TRID

Posted in CFPB, Compliance Resources, Mortgage Servicing, Regulatory Developments, TILA/RESPA, Trending News
Today, the CFPB issued a letter to various industry trade groups, including the Mortgage Bankers Association, the American Bankers Association, and the Independent Community Bankers of America,  acknowledging that the implementation of the “Know Before You Owe” rule  (otherwise known as “TRID”) poses many “operational challenges.”   Many financial institutions and industry participants do not have… Continue Reading

CFPB Director’s Statement About TRID Liability Does Not Resolve Uncertainty in the Secondary Market

Since October 3, 2015, which was the effective date of the TILA-RESPA Integrated Disclosure Rules (TRID), banks and members of the mortgage industry have continued to work hard to implement TRID. But for those who have attempted to seek liquidity by selling mortgage loans in the secondary market, the transition to TRID has not been… Continue Reading