Ongoing compliance costs from the TRID rule continue to affect credit union lending, CUNA wrote to the CFPB as it assesses the rule as required by statute. CUNA found TRID rule compliance expenditures cost credit unions $563 million in 2018 alone.
CUNA joined other trade organizations Thursday to back the Senate's TRID Improvement Act of 2018, which would amend RESPA to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers.
CUNA met with the CFPB Monday, as part of a listening session hosted by the bureau to hear industry concerns on its mortgage disclosure rule. During the meeting, bureau indicated that it favors providing flexibility versus being overly prescriptive.
WASHINGTON (3/17/16)--Credit unions and other stakeholders in the mortgage industry will have a chance to ask questions on the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure rule in an upcoming webinar.
WASHINGTON (3/2/16)--Questions on how construction lending fits in the Consumer Financial Protection Bureau’s new mortgage disclosure rule were the topic of discussion of a webinar hosted by the bureau Tuesday.
WASHINGTON (2/26/16)--Space is still available at a March 1 webinar for those with questions about the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule and construction lending.
SAN DIEGO (1/22/16)--Vince Nowicki, vice president of real estate originations at Mission FCU, San Diego, discussed the challenges presented by the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule in an interview with Mortgage Report.
A review of recent mortgage loans for Truth-in-Lending Act-Real Estate Settlement Procedures Act integrated disclosure compliance showed violations in more than 90% of loans, according to a report from Moody’s published last week.
Mortgages dipped by 27.6% from the week before to the week after the effective date of the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule, according to the Mortgage Bankers Association.