CFPB releases TRID assessment
The CFPB Thursday published an assessment of the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure (TRID) rule. Of note, the bureau found that TRID has “improved consumers’ ability to locate key information, compare terms and costs between initial disclosures and final disclosures, and compare terms and costs across mortgage offers.”
While the assessment found benefits for consumers, it also revealed that companies saw “sizeable implementation costs” under TRID, as well as increases to ongoing costs.
In addition to the detailed assessment, the CFPB published a corresponding data flash outlining the types of changes that can occur during the mortgage origination process, their size and prevalence, and when they occur in the mortgage origination process.continue reading »