The Consumer Financial Protection Bureau (CFPB) recently posted a new compliance tool on its website – answers to frequently asked questions (FAQs) about the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”). The FAQs were posted without advance notice or comment, signaling that perhaps the CFPB will dispense with lengthy processes when providing written guidance. What follows is a… Read More
Tag Archives: TILA-RESPA
ABA Survey Quantifies TRID Costs, Delays
Posted in CFPB, MortgageOn March 1, the American Bankers Association published results of its 2016 TILA-RESPA Integrated Disclosures (TRID) Survey. The Survey aggregates data gathered between February 1, 2016 and February 17, 2016, from 548 of the ABA’s member banks. The Survey questions focused on costs and related effects of the CFPB’s TRID rule, which became effective in… Read More
CFPB Sends Industry Letter on TRID
Posted in CFPB, MortgageOn October 1, regulators including the CFPB sent a letter to mortgage industry trade groups regarding TRID. The letter states that: “During initial examinations for compliance with the rule, the Bureau’s examiners will evaluate an institution’s compliance management system and overall efforts to come into compliance, recognizing the scope and scale of changes necessary for… Read More
MBA Releases New TILA/RESPA Integrated Disclosure Resource Guide
Posted in CFPB, MortgageThe Mortgage Bankers Association has released a TILA/RESPA Integrated Disclosure Resource Guide to assist lenders in complying with TRID. For more information, click here.
CFPB Publishes Results of eClosing Pilot Program
Posted in CFPB, MortgageOn August 5, the CFPB released a 90-page report summarizing the results of its eClosing pilot program, a research initiative launched in April 2014 to explore whether electronic closing processes offer measurable benefits to mortgage borrowers. According to the CFPB, the pilot program was part of the agency’s overall “Know Before You Owe” campaign, through… Read More
CFPB TRID Webinar Series
Posted in CFPB, MortgageThe CFPB has released a recording of its most recent webinar on the TILA-RESPA Integrated Disclosures rule, “TILA-RESPA Integrated Disclosure, Part 5: Implementation Challenges and Questions.” To view this webinar, and parts 1-4 in the CFPB TRID webinar series, click here.
National Mortgage News Webinar: TRID: It’s Coming – Ready or Not
Posted in CFPB, Events, MortgageThursday, July 9, 2015 2:00 p.m. – 3:00 p.m. EDT Morrison & Foerster Partner Don Lampe will speak on National Mortgage News’ “TRID: It’s Coming – Ready or Not” webinar. With the deadline on the horizon, what can you do now to test your TRID readiness? More importantly, what can you do if you—or your… Read More
#ThrowbackThursday: TILA-RESPA Combined Disclosures: The Executive Perspective
Posted in CFPB, MortgageIn October 2014, Morrison & Foerster partner Donald Lampe presented “TILA-RESPA Combined Disclosures: The Executive Perspective” with the Community Mortgage Lenders of America. The presentation is available here.
Never Say Never: CFPB Gives Breathing Room for TRID Implementation
Posted in CFPB, MortgageAfter months of playing hard-to-get with industry advocates, the CFPB’s Director Richard Cordray put out a statement that the CFPB is proposing to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) by two months, from August 1 to October 1. According to Cordray, the time extension is being granted to correct an “administrative… Read More
Donald Lampe Comments on TRID Litigation Risk
Posted in CFPB, MortgageMorrison & Foerster Partner Donald Lampe is featured in the Law360 article, “Litigation Tops Lenders’ Fears in Home Closing Overhaul.” To read the article, click here (subscription required).
#ThrowbackThursday: TRID at the Crossroads: Where Are We Now – Where Are We Going?
Posted in MortgageIn January 2015, Morrison & Foerster partner Donald Lampe published the article “TRID at the Crossroads: Where Are We Now – Where Are We Going?” in Mortgage Compliance Magazine. Read the article here.
The CFPB 2015 Forecast: Continued Cloudiness, Thunderstorms Likely
Posted in CFPB, Regulatory Developments, UDAAPThis will be a busy year at the Consumer Financial Protection Bureau (CFPB), and that certainly means it will be a busy year for financial institutions as well. In addition to exercising its supervisory and enforcement authorities, the CFPB is poised to issue a number of proposed rules and finalize several other rules it proposed… Read More
TILA-RESPA Integrated Disclosure Rule Updates and Additional
Posted in CFPBOn September 8, 2014, the Consumer Financial Protection Bureau (CFPB) issued an updated Small-Entity Compliance Guide to the new TILA-RESPA integrated disclosure rule. This updates the original guide issued in April 2014 to provide additional resources on the rule and to clarify questions related to the seven-day waiting period, Loan Estimate form, and the timing of… Read More