CFPB Official Tries to Clarify TRID for Construction Loans, Director Cordray Defends Mortgage Oversigh
March 10, 2016
Long-time mortgage veteran Julie Vore, now an originations analyst in the mortgage markets team, research, markets and regulations division at the Consumer Financial Protection Bureau, recently answered more industry questions about the integrated disclosure rule known as TRID. Speaking during a webinar sponsored by American Mortgage Law Group and The Mortgage Collaborative, Vore elaborated on the most recent TRID-related guidance released by the bureau, a two-page fact sheet on the disclosure of construction and construction-to-permanent loans. “I recently was involved with a group of lenders, and there was heated debate in the construction realm as to whether the best way to disclose a single closed construction loan is with one loan estimate and closing disclosure or with...