Bureau aims to understand effects of TRID rule on lenders through series of surveys

Understanding the effects on lenders of rules designed to help borrowers select the mortgage that is right for them and to protect them from getting ripped off by those lenders is the aim of a series of surveys now underway by the federal consumer financial protection agency.

The voluntary surveys, issued by the Consumer Financial Protection Bureau (CFPB), will help the agency, it said, assess the effectiveness of the integrated mortgage disclosures under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) – collectively known as the “TRID rule” or the “Know Before You Owe” rule. The agency added that the rule introduced new requirements for mortgage disclosures.

The surveys will also, the agency said, help “where possible, to create more accurate estimates” of the effects of the rule.

Three separate surveys are being issued by CFPB: for loan originators, loan officers, and closing companies. Each survey takes an estimated 60-75 minutes to complete. Only one survey response is requested per institution (bank, credit union, non-bank affiliate of either, or a non-bank affiliate of neither).

Responses to all three of the surveys are due by March 6, according to CFPB. The agency said it would “aggregate and anonymize” findings from the survey in an assessment report to be published by Oct. 3, 2020.

TRID Assessment Industry Surveys