TRID 2.0: The Comments Mortgage Reps Call on CFPB to Respond to Need for More Cures
October 31, 2016
Top mortgage industry representatives urged the CFPB to do more to facilitate the curing of loans with errors under the agency’s controversial Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, otherwise known as TRID. One such organization was the Housing Policy Council of the Financial Services Roundtable. In its comment letter to the CFPB, the HPC said providing more formal guidance on when and how lenders may correct or cure errors is not just a question of potential liability for lenders; it’s also important in reducing the uncertainty of customers if they experience varying interpretations by different lenders. “We recognize that it is difficult to anticipate all types of potential errors in advance,” said the HPC. “There ...