MBA to CFPB: Now, About TRID …

Jan 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.

About the author

Phil Hall

Link copied

Published

Jan 24, 2020

People On The Move

Kind Lending Hires Jennifer Folk As Chief Operating Officer

Mortgage industry veteran to focus on infrastructure, service delivery, and expansion at Kind, company says

Kind Lending, a mortgage lender that claims to be built on a culture of kindness, collaboration, and forward-thinking solutions, has appointed Jennifer Folk its new chief operating officer. Calling Folk “a powerhouse in mortgage operations and a respected leader in the f...

Analysis and Data

‘Great Opportunity To Trim Fat’ At Fannie Mae, FHFA Director Pulte Says

Fannie Mae’s net income falls 11% from Q4 2024 as net worth climbs nearly 4% to $98.3B

Fannie Mae this morning reported it had $3.66 billion in net income for the first quarter of 2025, down from net income of $4.13 billion for the prior quarter. The company, however, now has a net worth of $98.3 billion as of March 31, 2025, up nearly 4% from $94.7 billion at...