MBA to CFPB: Now, About TRID …
January 24, 2020
The Mortgage Bankers Association (MBA) is raising concerns with the Consumer Financial Protection Bureau (CPFB) regarding the effectiveness of its TRID Integrated Disclosure Rule.
In a pair of letters to the agency–one on its own and one in conjunction with several industry trade groups–the MBA called out the compliance costs related to TRID and recommended that the CFPB work to update the rule to alleviate its regulatory burdens. Among the problems that the MBA pointed out were the rule’s loan estimate timing requirements, the electronic submissions process, broker reimbursement, and issues related to wholesale creditor liability and the revised loan estimate process.
“The regulatory reforms imposed by TRID required a complete overhaul of existing mortgage disclosure regimes and affected the entire origination chain,” said the MBA in its letter with the other trade groups. “As such, these reforms were expensive and time-consuming, and they continue to impose burdens to this day.”
Joining the MBA in voicing concerns were the American Bankers Association, American Financial Services Association, Consumer Bankers Association and the Housing Policy Council.
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