ICBA lays out fixes needed for TRID rule

The TILA-RESPA Integrated Disclosure Rule is a well-intentioned but flawed regulation with many areas in need of streamlining, ICBA told the Consumer Financial Protection.

In a comment letter on the CFPB's proposed five-year assessment of the TRID rule, ICBA suggested reexamining the costs and benefits of the three-day closing disclosure requirement, reviewing the negative effects of removing tolerances, and eliminating the property address as a required item for issuing a loan estimate.

ICBA noted that the TRID process fails to provide clarity to consumers, leads to closing delays, and has been costly to implement and maintain.