MBA urges the CFPB to continue working with the industry to enhance clarity and improve compliance with KBYO/TRID.

Overview: The Dodd-Frank Act required the CFPB to propose a rule that combines and integrates the disclosures under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The Know Before You Owe (KBYO) / TILA-RESPA Integrated Disclosures (TRID) rule and its highly technical disclosure and delivery requirements became effective for most loans on October 3, 2015. The rule requires use of new forms for consumers at the time of application and settlement, bringing major changes to the mortgage origination and closing process. MBA continues to seek authoritative, written guidance from the CFPB with regard to difficult issues presented by TRID. 

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