In congressional testimony yesterday, Consumer Financial Protection Bureau Director Richard Cordray said that the bureau would provide further question-and-answer guidance to the financial and housing industries on complying with the TILA-RESPA integrated disclosures, which — since TRID took effect in October 2015 — have been delaying mortgage closings, according to a recent ABA survey.
ABA is among the trade groups leading the effort to engage with the CFPB on TRID compliance and collect the industry’s top TRID compliance questions to share with the bureau. “We’ll attempt to be responsive to that,” Cordray told the House Financial Services Committee. He also emphasized that the bureau’s enforcement of TRID remains “corrective and diagnostic” for lenders making good-faith efforts to comply with the new disclosure requirements.
In related news, the CFPB will hold a free webinar on Tuesday, April 12, at 2 p.m. EDT to address industry questions on the interpretation and implementation of TRID.