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Volume 25 - Number 20

September 29, 2014

Written Guidance Needed on RESPA/TILA Rule, Industry Says

Most of the mortgage finance trade associations wrote to the CFPB recently with a handful of suggestions to improve implementation of the bureau’s TRID – the pending Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule. At the top of the list: more written guidance, please. “We appreciate the bureau offering oral guidance through webinars and other channels,” said the groups in a joint letter. However, due to the complexity of the rule, “we strongly recommend that the bureau also provide reliable, written guidance on issues.” Such input is “essential for lenders, settlement service providers, insurers, investors and other secondary market entities, regulators and ultimately, consumers themselves.” The groups also encouraged the CFPB to deepen its engagement in industry ...

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