NAR recently filed a comment with the Consumer Financial Protection Bureau (CFPB) regarding their Request for Information (RFI) on the TRID (TILA-RESPA) mortgage disclosure rule. The RFI is part of the five-year review of the rule that will help the Bureau understand implementation costs and regulatory benefits for future rulemakings. The collected comments will be analyzed and an assessment report will be issued later this year.
NAR issued a survey late last year to help research the Bureau’s questions outlined in the RFI and provide background for NAR’s feedback on the rule. NAR’s comment focused on consumer and business impact, with recommendations for specific improvements to address outstanding issues plaguing the industry since the TRID changes were made. For example, there continues to be frustration with the mandatory three business-day waiting period that occurs when there are certain changes made after an initial closing disclosure has been provided. NAR advocates for more flexibility for consumer waivers to protect against unnecessary delays and frustrations that are added with the three-day mandated delay. NAR also advocates for reasonable changes to the tolerance threshold for appraisal fees and increased clarity around the ability to share the closing disclosure with third parties, including real estate professionals.
The findings through the RFI assessment will help inform the Bureau on potential future rulemakings and gudiance. Stay tuned to the TRID (TILA-RESPA Integrated Disclosure) page for the latest updates.