ICBA commended the Consumer Financial Protection Bureau’s review of the TILA-RESPA Integrated Disclosure Rule and its impact on consumers, lenders, and the mortgage market.
Details: In a letter responding to the CFPB’s request for information, ICBA said:
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Community banks continue to report that certain aspects of the TRID framework create unnecessary delays, increase costs, and reduce operational flexibility without providing commensurate consumer benefits.
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By updating the rule to reflect current market conditions, technological advancements, and the realities of mortgage lending, the CFPB can improve the consumer experience, reduce compliance costs, and strengthen the ability of community banks to serve homebuyers.
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The CFPB should build on its successful Trial Disclosure Program Waiver by providing permanent, construction-specific disclosure flexibility.
Background: The CFPB last month issued an RFI on potential changes to reduce regulatory burdens and promote access to mortgage credit, specifically requesting information on industry and consumer burdens related to TRID, the TRID Sandbox program, the right of rescission, and reverse mortgage disclosures.
More ICBA Advocacy:
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ICBA in May said it supports CFPB efforts to implement regulatory changes outlined in President Donald Trump’s recent executive order addressing housing affordability and access to mortgage credit.
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In a national news release after the EO was issued, ICBA said it strongly supports reforms to CFPB mortgage requirements, HMDA reporting rules, capital and liquidity standards, and more to provide community banks with regulatory relief that will support mortgage lending.
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ICBA last year recommended modifying TRID disclosures to help streamline mortgage lending for construction and construction-to-permanent loans.