If you caught the October issue of Banking on BCC, it pointed out that we’ve been trying to meet the challenges of the TRID Rule for over five years now! This also meant, it was time for the CFPB to assess the rule’s effectiveness and report back on what it found. Those findings were recently released and will, at least in part, help the CFPB determine if any changes are warranted.
While some evidence is “mixed”, findings were generally consistent that the TRID …Rule improved consumers’ abilities to…understand their mortgages. While the CFPB was unable to do a cost-benefit analysis, Director Kraninger acknowledged “sizeable implementation costs”, while stating that ongoing costs are less clear.
Different groups and commenters chimed in on confusion surrounding the different definitions of “business day” that are used within the rule, as well as confusion over the 10% tolerance, liability after foreclosure, the Calculating Cash to Close table, as well as, other concerns.
Be sure to check out our November issue of Banking on BCC for more, including a look at some of the TRID violations noted by the CFPB. Also, if you need TRID training, we have a lot of different webinar options so check out our store.
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