October 19, 2016

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HPC Asks CFPB to Provide More Formal Guidance on TRID/Know Before You Owe Rule

HPC Asks CFPB to Provide More Formal Guidance on TRID/Know Before You Owe Rule
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FOR IMMEDIATE RELEASE
October 19, 2016

Contact: Adam Rice
202-589-2410 | @fsroundtable
Adam.Rice@FSRoundtable.org

Contact: Alison Hawkins
202-589-2427 | @fsroundtable
Alison.Hawkins@FSRoundtable.org

HPC Asks CFPB to Provide More Formal Guidance on TRID/Know Before You Owe Rule

Washington, D.C. — The Financial Services Roundtable’s Housing Policy Council (HPC) recommended additional changes to the Consumer Financial Protection Bureau’s (CFPB) “Know Before You Owe TILA-RESPA Integrated Disclosure” rule, particularly the need for more formal guidance on aspects of the rule. While supporting recent changes to the regulation in its comment letter to the CFPB, HPC noted several additional areas of the regulation that need formal clarification and guidance, such as correcting errors and cures.

“We applaud the Bureau for its continuing efforts to improve the KYBO/TRID requirements and the suggestions it has taken from HPC and other industry stakeholders,” said John Dalton, President of the Housing Policy Council. “The industry is making progress in the implementation of the new regulation, but remaining uncertainties can still slow the process for closing on a home. It will be important for industry and CFPB to maintain a regular dialogue on remaining issues with KYBO/TRID to try to further clarify the regulation to improve the consumer home buying experience.”

HPC also asked the Bureau to provide additional model and sample forms to help clarify areas of the regulation.

 You can view HPC’s comment letter HERE.

FSR’s HPC consists of thirty-three of the leading national mortgage finance companies. HPC members originate, service, and insure mortgages for consumers across the nation. HPC’s mission is to promote the mortgage and housing marketplace interests of member companies in legislative, regulatory and judicial forums.

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.