CFPB Director Richard Cordray pooh-pooh’ed mortgage lender concerns that the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule will hurt their business because of the need to extend closings when revisions prompt another round of disclosures. “Now, just as we heard prophets of doom bemoaning the effects of the [ability-to-repay] qualified mortgage rule before it took effect, so too we are hearing some of the same voices bemoaning the effects that the ‘Know Before You Owe’ mortgage disclosure rule will have,” the director said at the recent Mortgage Bankers Association annual convention in San Diego. “They say that by requiring closing disclosures to be provided three days in advance, the rule will delay and disrupt closings,” ...