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News & Press: Industry News

TRID and Trump - Oh My

Tuesday, February 21, 2017  
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TRID and Trump - Oh My

It’s been over a year since the Consumer Financial Protection Bureau’s adopted the TILA-RESPA Integrated Disclosures rule (TRID). Since then, the lending industry, including the title industry, has called on the CFPB to clarify various aspects of TRID. The ALTA pushed for changes to the rule regarding calculation of title fees on the mortgage disclosure. However, Director Cordray indicated that the CFPB would not be addressing that issue as part of the rulemaking designed to clarify the TRID rule. Because the revised rule is not yet final, the proposed clarification has been called into question by President Trump’s executive order on regulations.

The final rule on TRID has not yet been published in the Federal Register. In the meantime, the administration ordered a freeze on new regulations. Under the freeze, proposed regulations cannot be sent to the Office of the Federal Register until reviewed by the Administration. However, the CFPB is an independent agency and the new freeze may not include independent agencies. Nevertheless, the bureau could decide to comply with the freeze, especially in light of the recent PHH Corp. court case that left Director Cordray serving at the pleasure of the President. In fact, it’s been reported that the Trump team has interviewed for Cordray’s replacement. 

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851