Morrison & Foerster of counsel Kathleen “Kitty” Ryan discusses new guidance released by the Consumer Financial Protection Bureau (CFPB) that aims to clarify TILA-RESPA integrated disclosures for mortgage lenders. The bureau has published the TRID FAQ, a new “frequently asked questions” tool with four questions and answers.
In the RESPA News article “CFPB Publishes New TRID FAQ Tool, ”Ms. Ryan said, “The FAQs appear to be a response, at least in part, to the mortgage industry’s repeated requests that the CFPB provide more written guidance, in addition to, or instead of providing guidance orally through CFPB webinars and CFPB staff’s phone calls to creditors who send specific email inquiries to the CFPB. Also, the FAQs are responsive to industry’s request for guidance that can be issued fairly quickly because it does not require a lengthy notice-and comment-process.”
Ms. Ryan added that the FAQs address issues that took on urgency after Section 109 of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) was passed in the spring of 2018.