CFPB Seeks Input on TRID Integrated Disclosure Rule

CFPB Seeks Input on TRID Integrated Disclosure Rule

November 20, 2019
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic
The Consumer Financial Protection Bureau (CFPB) is seeking public input regarding a planned assessment of the TRID Integrated Disclosure Rule (the Truth in Lending Act and Real Estate Settlement Procedures Act).
According to the agency, the assessment will 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.” Comments on the feasibility and effectiveness of the assessment plan and recommendations for improving the assessment plan and either modifying, expanding or eliminating the TRID Rule will be considered.
The CFPB added that 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.” Input is being accepted through Jan. 21, 2020.
Last week, the CFPB issued an interpretive rule designed to clarify the screening and training requirements for temporary loan originators at financial institutions. The rule, which takes effect on Nov. 24, is based on the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requirements for licensing and registering loan originators. According to the CFPB, loan originators with temporary authority are defined as either loan originators who were previously registered or licensed, are employed by a state-licensed mortgage company, are applying for a new state loan originator license, and meet other criteria specified in the statute.