From Housing Wire
The Consumer Financial Protection Bureau shocked the industry when it announced it would take another look at the Know Before You Owe rule. And now with the bureau accepting comments and feedback on it, the American Land Title Association is quick to bring up a glitch it sees in title disclosures.
Source: The CFPB needs to fix this title insurance issue with TRID | 2016-06-06 | HousingWire
Amendments to the TILA-RESPA Integrated Disclosure rule. Also in July 2016, the CFPB anticipates issuing a proposed rule to make clarifications and provide further regulatory guidance concerning its “Know Before You Owe” mortgage rule (also known as TRID). In response to industry concerns, the CFPB will request comment on adding new provisions and amending other provisions of Regulation Z to provide additional clarity for creditors. According to the CFPB, these amendments are intended to promote consistency in the provision of information regarding federal mortgage transactions to consumers.
Source: CFPB Publishes Spring 2016 Regulatory Agenda – Lexology
From Mortgage Orb.
The National Association of Realtors (NAR) is pushing for reforms to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule, also known as the Know Before You Owe rule.
The bureau announced in April that it would be clarifying its TRID rule come July. It is currently gathering feedback on its proposal to improve the rule through additional verbiage that would bring greater clarity and reduce risk for lenders, Realtors and investors.
In a recent letter to the bureau, NAR asks the CFPB to clarify that lenders can share the closing disclosure (CD) with third parties, including real estate agents, provided that the lender receives consent form from the consumer.