tila: CFPB: Goodbye, Mr. TRID! - 11/20/19 02:47 PM
The CFPB (Consumer Financial Protection Bureau) has been reviewing and verifying several rules that they have implemented in the past, and the one that remains to be reviewed is the TILA-RESPA Integrated Disclosure rule, the TRID rule for short. It seems that eliminating the rule completely will be a possibility.
The TRID rule, implemented the Dodd-Frank Act directive to combine certain types of mortgage disclosures that consumers receive under TILA and RESPA, which require all creditors to submit standardized forms to perform any transaction. The rule also requires creditors to provide loan estimates and closing disclosures within three business days.
Since October 3, 2015 (when it … (1 comments)