CFPB clarifies consumer right to modify TRID waiting periods

The Consumer Financial Protection Bureau issued an interpretive rule clarifying that consumers with urgent financial needs can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules.

The bureau also issued frequently asked questions that address when creditors must provide appraisals or other written valuations to mortgage applicants to expedite access to credit for consumers affected by the COVID-19 pandemic.