Articles Tagged with ''TRID''

Confused about CFPB regulations? Ask your questions here

Clarification on TRID, RESPA and more from the bureau
Ever since the Consumer Financial Protection Bureau came into fruition, the industry has spent countless hours trying to interpret how to properly stay in compliance with their regulations. For those who are having trouble making sure they interpret the rules correctly, there’s good news. Check out this new submission form from the bureau.
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TRID updates and latest proposal published in Federal Register

Updates effective Oct. 10
Consumer Financial Protection Bureau’s finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule, will officially take effect on Oct. 10, 2017. But, it’s important to note that despite the effective date, the CFPB set a mandatory compliance date for Oct. 1, 2018.
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Industry responds to updated TRID rule

MBA, NAFCU, NAR weigh in on updates
After much anticipation, industry associations weighed in on the Consumer Financial Protection Bureau’s finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule. The new updates, after all, were meant to answer cries from the same associations for more clarity and certainty around TRID.
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CFPB finalizes updates to TRID

Includes a limited follow-up proposal
After much anticipation, the CFPB officially released the finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule. The newly amended rule finally answers industry calls for greater clarity and certainty. But it’s not over. The CFPB also announced a follow-up proposal, seeking information on closing disclosures.
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Better Mortgage offering $1,000 guarantee that it can beat other lenders’ pricing

Telling borrowers that it will beat any lender’s loan pricing or give you $1,000
Better Mortgage, an online mortgage lender, is now offering borrowers a guarantee that its mortgage is cheaper than any other lenders’ options, and the lender is putting its money where its mouth is. Better Mortgage now guarantees that it will beat any competitor’s loan estimate by $1,000. If not, Better will give the borrower $1,000.
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Here’s how TRID impacted mortgage defects in 2016

TRID efforts driven by trial-by-fire
After the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule in October 2015, the industry dedicated most of its attention in 2016 to working out how to originate under the rule. New data from ARMCO displays exactly how effectively the industry adjusted to the rule throughout 2016. Check out the following charts and data to see if TRID is still hampering growth.
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Here's how the industry adapted to QM lending, heightened regulations

8 charts break down the impact of regulations
As the mortgage regulation alphabet continues, with lenders implementing HMDA, TRID, QM and more, it’s not going without notice in the industry. A new survey found that lenders believe regulation is having a negative impact on business production and consumer credit availability. These charts break down how that’s affecting the bottom line.
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Biggest industry pain points with TRID still tied to title and settlement services

Ellie Mae Experience conference panel outlines where proposed changes still fall short
In a conference room packed with lenders at the Ellie Mae Experience conference, it was clear that the proposed changes to the TILA-RESPA Integrated Disclosure rule are welcome, but don't go nearly far enough. The biggest complaint? The Consumer Financial Protection Bureau proposed changes to the rule don't address two of the biggest challenges, both of which concern lenders coordinating with title and settlement services.
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The future of TRID hangs in the balance amid Trump regulatory actions

Will the industry ever get the answers it needs on TRID?
A freeze on a final rule of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called TRID, could become an unfortunate side effect of Trump’s executive order on Monday. The last status update the bureau gave the industry was that it would weigh submitted comments and then issue a final rule. But will the industry ever get its much-needed answers to TRID with the new regulatory actions Trump announced?
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Exclusive: Nationstar CEO Jay Bray on impact of 'surprising' election; higher interest rates

Plus, what does potential regulatory rollback mean for Nationstar's future?
Count Nationstar Mortgage CEO Jay Bray among those who were surprised by the election of Donald Trump, but Bray tells HousingWire that he is looking forward to working with the incoming Trump administration and is cautiously optimistic on the impact that the president-elect could have on the financial services business. Here's part two of HousingWire's exclusive interview with Bray.
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