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NAR writes open letter to CFPB regarding ongoing issues with TRID

TRID implementation has caused confusion and frustration for many Realtors and banking professionals. The current NAR President has addressed this is an open letter to the CFPB.

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Since the integration of the new Consumer Financial Protection Bureau (CFPB) rule, confusion has ensued for many industry professionals. The new TILA/RESPA Integrated Disclosure Rule, or TRID, implementation, also known as the Know Before You Owe rule, has been the subject of much confusion and frustration.

The CFPB issued a response to the Mortgage Bankers Association in an effort to clarify the current industry expectations concerning the new TRID (also known as Know Before You Owe) rule.

Know before you owe

Since the rule’s integration on October 3, 2015, many industry professionals have struggled with the changes. The response from the CFPB to the Mortgage Bankers Association came in the form of a letter from the CFPB’s Director, Richard Corday, to the President and CEO of the Mortgage Bankers Association, David Stevens.

In essence, this letter aimed to clarify that loans with minor technical errors should not hold up the mortgage process.

We previously covered the full extent of the CFPB’s response.

Now, the National Association of Realtors® (NAR) President, Tom Salomone, has issued a statement in response to the CFPB’s letter in an effort to further clarify the confusion concerning the TILA-RESPA Integrated Disclosure rule.

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Acknowledging Concerns

Solomone stated, “the real estate industry has responded well to the implementation of ‘Know Before You Owe,’ but there’s still work ahead. Today’s announcement from the CFPB is a recognition that there are lingering challenges to address, and I appreciate Director Cordray’s commitment to hearing those concerns.”

However, there are still problems with reporting and knowing exactly what issues need to be addressed. Solomone wrote, “Realtors® continue to report issues in the post-TRID environment with gaining access to the Closing Disclosure, despite years of access to the substantively similar HUD-1.”

He adds, “NAR remains committed to ensuring Realtors® have access to the CD so they can put their expert advice to work guiding clients throughout the homebuying process uninterrupted from beginning to end.”

Addressing future concerns

In an effort to soothe the minds of those fearing repercussions for violating TRID rules, the CFPB made it clear that minor errors were to be expected and the bureau would focus their efforts on whether or not companies had made good-faith efforts to comply with the new rule.

Solomone addressed future concerns stating, “We look forward to addressing remaining TRID-related concerns as part of the rulemaking process in the months ahead and thank the CFPB for an opportunity make the Realtor® voice heard on this issue.”

Have you encountered any issues with TRID implementation?


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Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.


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