On October 1, the CFPB released its rule assessment for a final rule relating to mortgage disclosures. Known as the TRID Rule, which was issued in November 2013 and went into effect in October 2015, the final rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan disclosures under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974. The CFPB assessed the effectiveness of the rule for consumer understanding as well as the costs to industry participants, which showed generally positive, but occasionally mixed, results. Read the LenderLaw Watch blog to learn more about the CFPB’s assessment and its findings.
