CFPB seeks information on TRID, right of recission, reverse mortgage relief

A CFPB request for information published today tackles regulatory changes to reduce burdens and promote access to mortgage credit. The issued request is due to an Executive Order directing agencies to provide credit unions and other community financial institutions with relief related to mortgage laws, rules, and regulations.

Specifically, the CFPB is requesting information on industry and consumer burdens related to the integrated mortgage disclosures under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) (TILA-RESPA integrated disclosures or TRID), right of rescission, and reverse mortgage disclosures.

America’s Credit Unions engaged the CFPB on implementing the Executive Order, specifically the TRID provisions, and will continue to advocate with the bureau and other federal regulators on rulemakings for the other parts of the order.

Comments are due to the CFPB by Aug. 10.