As the deadline for submitting comments on the Consumer Financial Protection Bureau’s (CFPB) proposal to resolve the black hole issue in TRID came to a close, two credit union trade associations wrote that they supported the CFPB’s efforts.
The proposed amendment would allow creditors to compare charges paid by or imposed on a consumer with amounts disclosed on a Closing Disclosure – rather than a Loan Estimate – to determine if the estimated closing cost was disclosed in good faith. It also would remove the four-business-day limit for providing Closing Disclosures.
Read on to see why the credit union associations are behind the proposal.
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