CFPB to Assess Integrated Mortgage Disclosure Rule
The Consumer Financial Protection Bureau said it would conduct and assessment on the TRID Integrated Disclosure Rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The CFPB said it would request public comment on “the feasibility and effectiveness of the assessment plan, recommendations to improve the assessment plan and recommendations for modifying, expanding, or eliminating the TRID Rule, among other questions.”
As part of its assessment, the Bureau said it intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule and other relevant factors.
The TRID Rule implemented the Dodd-Frank Act’s directive to combine certain mortgage disclosures that consumers receive under TILA and RESPA and requires that all creditors use standardized forms for most transactions. Creditors are also required to provide loan estimates and closing disclosures within three business days. The assessment is being conducted in accordance with Section 1022(d) of the Dodd-Frank Act that requires the Bureau to assess significant rules or orders adopted under federal consumer financial law.
To view the notice and comment, click https://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/request-for-information-regarding-tila-respa-integrated-disclosures-rule-assessment.. The comment period will open once the notice is published in the Federal Register; the CFPB anticipates the comment deadline to be January 21.