Now that the Consumer Financial Protection Bureau announced an open comment period for updating the TILA-RESPA Integrated Disclosure rule, a key concern with the rule that the American Land Title Association (ALTA) has long addressed can finally be considered.
ALTA held its annual Lobby Day on May 18, hosting more than 250 land title professionals on Capitol Hill to ask members of Congress to sign a letter authored by Reps. Dennis Ross, R-Fla., and Ed Perlmutter, D-Colo. Seventy-four members of Congress have already signed the letter.
Since the TILA-RESPA rule went into effect on Oct. 3, 2015, a slew of issues ranging from small to large have cropped up.
And after a lot of pushback from the industry, the CFPB said it would take another look at the Know Before You Owe rule, answering calls to make official a lot of the informal guidance given by the bureau.
The bureau said it hopes to issue the NPRM (notice of proposed rulemaking) in late July and looks forward to comments and feedback on it.
Up until this point, the industry has been continuously told that examiners will be squarely focused on whether companies have made good-faith efforts to come into compliance with the rule.
In the April issue of HousingWire Magazine, John Hollenbeck, president of ALTA, addressed issues with TRID in a commentary titled: “The key to solving TRID hiccups? Collaboration.”
Overall, there are a few issues with the rule itself, but the main problems seem to stem from adapting to significant workflow changes, exchanging information and fee naming, Hollenbeck said in the article.
In addition, various interpretations of the regulation have created a litany of approaches to completing the disclosures.