CFPB’s TRID Will Cost Industry Billions Annually to Comply, Industry Rep Claims as Effective Date Nears
September 17, 2015
The real estate finance industry is not opposed to more simplified mortgage disclosures for consumers. But the Consumer Financial Protection Bureau’s integrated disclosure rule as it’s now written will cost the industry billions of dollars every year, one industry official warned. The rule, intended to harmonize and integrate the disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act, is slated to become effective on Oct. 3, 2015, a scant two weeks away. “If left and implemented as is, TRID will require...