CFPB updates TRID readiness guide, examination procedures
WASHINGTON (9/16/15)--The Consumer Financial Protection Bureau has updated three publications relating to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule. The CFPB’s Readiness Guide, examination procedures manual and Truth in Lending Act procedures have all been updated.
The rule is scheduled to become effective Oct. 3, and each publication now reflects that date.
The Readiness Guide 4.0 is intended to assist financial institutions come into and maintain compliance with the TRID rule, and is designed for use by institutions of all sizes. It consists of a summary of the applicable rules, a readiness questionnaire, frequently asked questions and tools to solve potential issues.
The mortgage origination procedures consist of modules covering the various elements of the mortgage origination process, including a look at procedures that will be looked at in examinations of mortgage brokers and lenders.
The Truth in Lending Act procedures document outlines the background of the act, as well as laws and regulations which will be applicable to lenders under the TRID rule.
The rule was originally intended to become effective Aug. 1, but the CFPB pushed it back to Oct. 3. CUNA has asked the agency to provide a safe harbor for litigation and enforcement through at least the end of the calendar year, and has also asked the bureau to clarify ambiguity in the definition of “small creditor” in the rule.