NAMB Applauds CFPB’s Decision on TRID

NAMB—The Association of Mortgage Professionals has commended the Consumer Financial Protection Bureau’s (CFPB) decision to begin the process of drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule.

On Oct. 3, 2015, the TILA-RESPA Integrated Disclosure Rule (TRID) also known as “Know Before You Owe” went into effect requiring the use of new disclosure forms and rules in relation to residential financing. In a letter to industry trades and their members, CFPB Director Richard Cordray acknowledged that “the implementation of the Know Before You Owe rule poses many operational challenges” and that “The Bureau continues to work very hard to understand your concerns so that we can find the most effective solutions."

Furthermore, Director Cordray indicates in the letter that the Office of Financial Institutions (OFI), along with the CFPB’s Regulations and Markets teams, will arrange for one or two meetings in late May or early June to further discuss the rule.

NAMB President Rocke Andrews, CMC, CRMS voiced his support of Director Cordray’s decision.

"NAMB is pleased that Director Cordray and the CFPB have taken steps towards making adjustments in the regulatory text of the Know Before You Owe rule and look forward to participating in any upcoming meetings to further discuss the rule,” said Andrews.