CFPB to Assess Integrated Mortgage Disclosure Rule
Tuesday, December 17, 2019
The Consumer Financial Protection Bureau (Bureau) is requesting public comment on an assessment it will conduct on the Truth in Lending Act and Real Estate Settlement Procedures Act’s Integrated Disclosure Rule.
As part of its assessment, the Bureau intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors. The public is invited to comment on the feasibility and effectiveness of the assessment plan, recommendations to improve the assessment plan, and recommendations for modifying, expanding, or eliminating the TRID Rule, among other questions. The TRID Rule implemented the Dodd-Frank Act’s directive to combine certain mortgage disclosures that consumers receive under TILA and RESPA and requires that all creditors use standardized forms for most transactions. Creditors are also required to provide loan estimates and closing disclosures within three business days.
The assessment is being conducted in accordance with Section 1022(d) of the Dodd-Frank Act that requires the Bureau to assess significant rules or orders adopted under Federal consumer financial law.
To view the notice and comment, please click here.
The comment period will open once the notice is published in the Federal Register and the deadline for submissions is January 21, 2020.