Browsing: TILA-RESPA integrated disclosures


The Consumer Financial Protection Bureau today proposed certain changes to the TILA-RESPA integrated disclosures, including some advocated by ABA to improve the ability of lenders to comply with TRID and avoid unnecessary constrictions of mortgage credit.


In a letter to the heads of banking and mortgage trade associations today, Consumer Financial Protection Bureau Director Richard Corday said the the bureau’s plans to fast-track a notice of proposed rulemaking on the TILA-RESPA integrated disclosures after extensive calls for further guidance by ABA and other industry groups. Cordray added that the bureau also plans to hold meetings with the associations in advance of the rulemaking to further discuss the rule.


The percentage of Qualified Mortgages originated by banks declined in 2015, falling to 86 percent from 90 percent in 2014, according to ABA’s latest Residential Real Estate Survey released today as the association kicks off its annual Real Estate Lending Conference in San Antonio.


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.

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