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CFPB Plans to Amend Mortgage Disclosure Rule in Late July

The Consumer Financial Protection Bureau (CFPB) will propose changes in late July to its mortgage disclosure rule to provide "greater certainty and clarity" to the mortgage industry. In a letter Thursday to industry trade groups, CFPB Director Richard Cordray said that the bureau is drafting a proposal on the "Know Before You Owe" rule that went into effect on October 3.

Though Cordray did not provide details of the changes, industry groups have asked for further guidance on many significant issues, including how to cure errors, account for lender credits, and calculate cash-to-close transactions. While the rule was designed to help consumers better understand the total costs of a home loan, the new disclosure forms to borrowers included hundreds of variables making compliance more difficult and costly. The rule, commonly known as TRID, combined mortgage disclosures required by the Truth-in-Lending and the Real Estate Settlement Procedures acts. Cordray's letter Thursday was a response to a request by eight industry trade groups in late January urging the bureau to publish unofficial guidance on TRID in the Federal Register.

News Characteristics

Date : Apr 28, 2016
Region : North America
Industry : Mortgage Companies
Function : Regulation and Compliance
Sub-Function : Regulatory changes