Bureau wants to hear about effectiveness of integrated disclosures required under TRID rule

Addressing the effectiveness of integrated disclosures required under federal regulations for real estate transactions is the subject of an assessment to be conducted by the federal consumer financial protection agency, the agency said Wednesday.

In a release, the Consumer Financial Protection Bureau (CFPB) said it is seeking public comment on its assessment of Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (also known as TRID). Comments will be due Jan. 21.

The bureau said its assessment is aimed at gauging the TRID rule’s effectiveness in “meeting the purposes and objectives of Title X of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the specific goals of the rule, and other relevant factors.” CFPB said it wants public comment on the feasibility and effectiveness of its assessment plan, recommendations to improve its assessment plan, and recommendations for modifying, expanding, or eliminating the TRID rule, among other things.

The assessment is being conducted, the bureau said, in accordance with Section 1022(d) of the Dodd-Frank Act, which the agency said requires it to assess significant rules or orders adopted under federal consumer financial law.

The TRID rule implements the directive of Dodd-Frank to combine certain mortgage disclosures that consumers receive under TILA and RESPA and requires that all creditors use standardized forms for most transactions, CFPB said. Creditors are also required to provide loan estimates and closing disclosures within three business days, the bureau said.

Also Wednesday, the bureau said it has published a “request for information” (RFI) about its plan to assess the TRID rule.

Consumer Financial Protection Bureau to Assess Integrated Mortgage Disclosure Rule

Request for Information Regarding the TILA-RESPA Integrated Disclosures Rule Assessment