CFPB: Goodbye, Mr. TRID!

By
Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

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 was implemented), the TRID rule has been problematic for all mortgage and title companies, that's why the review of the rule has become a good reason to celebrate!

The rule has only made clients wait longer for their mortgages to close, now everybody’s waiting for the “hangman” to pay it a visit. We won’t know what the results of the review will be, but at least we know that it will be placed under scrutiny of the CFPB.

This all comes as a consequence of big government decisions. Mainly because the Trump administration is seeking to get rid of unnecessary rules and processes in order to generate economic growth.

The CFPB does not want to keep this under closed door, that’s why it’s seeking public opinion on the matter. If you wish to comment, you can enter the CFPB website and write your comments once the Federal Registry officially publishes it. The closing date for comments will be January 21, 2020.

 

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Information and content in this blog is original to Phil Stevenson

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Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

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Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I read this yesterday in some newsletter... and all I could do was shake my head... another government program that never properly worked, made our lives crazy, confused consumers... just sorry it took so long.

Nov 21, 2019 05:12 AM #1
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Rainmaker
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Phil Stevenson, CRMP

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