Despite Extension, Mortgage Lenders Ask for More TRID Relief
July 13, 2015
Mortgage lenders told the CFPB they support the bureau’s recent proposal to extend the effective date of its integrated disclosure rule to Oct. 3, but urged the agency to do yet more to help the industry cope. The Mortgage Bankers Association, for example, in its comment letter said the so-called TRID rule –promulgated under the Truth in Lending Act and the Real Estate Settlement Procedures Act – when finally implemented “will make the mortgage process considerably more understandable and navigable for consumers, an objective we have long shared.” However, “experience has shown that the TRID rule is far more complicated and wide ranging than any other rule previously issued by the CFPB,” the trade group added. “It is causing significant implementation ...