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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Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!