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TRID Rule Has Helped Borrowers Understand Their Loans

Posted To: MND NewsWire

The TRID Rule has been in effect for exactly 5 years (October 3, 2015) and the Consumer Financial Protection Bureau (CFPB) has published an assessment of its effects and effectiveness. The TRID Rule and its associated disclosures and forms was part of a mandate to CFPB included in the Dodd-Frank Wall Street Reform and Consumer Protection Act to combine previously separate mortgage disclosures given to consumers under the Truth in Lending Act (TILA) and the 1974 Real Estate Settlement Procedures Act (RESPA). Dodd-Frank also mandates an assessment of the rule within five years of the effective date. Before the TRID Rule, Federal law generally required that consumers applying for mortgages receive two different forms, one with disclosures regarding the cost of credit (TILA) and another concerning…(read more)

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