Industry Groups Generally Support CFPB’s Fix To TRID ‘Black Hole,’ Suggest Various Tweaks
October 12, 2017
Organizations representing different segments of the mortgage industry broadly support the Consumer Financial Protection Bureau’s plan to address the so-called black hole in the integrated disclosure rule under the Truth in Lending Act and Real Estate Settlement Procedures Act, or TRID. The black hole refers to situations in which a lender may not use a closing disclosure to reset fee tolerances. This causes closing delays due to fee changes that arise in the origination process ...