CFPB heeds NAFCU on mortgage form problems

On Thursday, CFPB Director Richard Cordray stated that the bureau is working on a Notice of Proposed Rulemaking on the Know Before You Owe mortgage disclosure rule “for greater certainty and clarity,” as urged by NAFCU.

“We appreciate Director Cordray’s consideration of our concerns regarding the need for greater clarity on the TRID rules,” said NAFCU Director of Regulatory Compliance Bruyere. “This is a welcome first step and there is still a lot of work to be done in order to truly address the ambiguities in the TRID rule. We look forward to the bureau’s continuing efforts to facilitate the compliance process.”

NAFCU, the Mortgage Bankers Association and six other trades wrote CFPB in January to seek clarification on the rule.

Cordray responded that the bureau hopes to issue the NPRM in late July.

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