CFPB To Explore Changing Or Eliminating TRID Rule
The Consumer Financial Protection Bureau could be scaling back on rules and regulations and high up on the list for review is the TILA-RESPA Integrated Disclosure rule (TRID).
A recent report revealed that removing the TRID rule completely is not too farfetched of an option.
"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," according to HousingWire.
"Creditors are also required to provide the Loan Estimate and the Closing Disclosure forms to borrowers within three business days. The implementation of TRID caused numerous issues in the housing industry in the run-up to the forms becoming required."
TRID integration caused a number of issues in the industry including the added time it took to close a loan, which in turn caused further issues for consumers looking for a speedy turn around on their loan.
To learn more about how the TRID rule could disappear or become significantly revamped, click on the image above.