Regardless of how many preventative programs, meetings and discussions a company has surrounding TRID, it can’t trump the tools the Consumer Financial Protection Bureau, the enforcer of TRID, is giving out.
Want some advice? Use their tools, they’re free and readily accessible.
Since the rule went into effect on Oct. 3, the industry has reported a lot of mixed reviews on how they are dealing with the changes.
Up until this point, the industry was mostly told that “examiners will be squarely focused on whether companies have made good faith efforts to come into compliance with the rule.” But saying ‘good faith effort,’ while aimed to put the industry as ease, did little to calm the industry. What they really wanted was a lot of the informal guidance given by the bureau to be made official.
Last week, the CFPB answered these cries for help.
In a huge win for the industry, the CFPB said it would take another look at the Know Before You Owe rule, announcing it has begun drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule.
It was in the bureau’s announcement though that Director Richard Cordray said the bureau would work on incorporating some of the bureau’s existing informal guidance, whether provided through webinar, compliance guide, or otherwise, into the regulation text and commentary
So if you’ve paid attention to the CFPB’s guidance, you made a wise choice and you should have the upper hand through this process. Of course, all of the outside help definitely didn’t hurt.
The CFPB’s most recent webinar on April 12 on the Know Before You Owe mortgage disclosure rule is now available on the bureau’s website. The bureau said the webinar addressed specific questions that various stakeholders have raised related to the implementation of the rule’s requirements.