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CFPB to Reopen Know Before You Owe Rulemaking

Friday, April 29, 2016

The Consumer Financial Protection Agency (CFPB) just opened the door to possible changes and refinements in its Know Before You Owe rule.  The agency, in a letter addressed trade groups representing principal mortgage origination stakeholders such as the American Bankers Association, Mortgage Bankers Association and credit union trade groups and their members said it has begun drafting a Notice of Proposed Rulemaking (NPRM) on the rule, and hope to open it for comment in late July.

CFPB acknowledged the implementation of the rule, which contains the Truth-in-Lending Disclosures (TRID) requirement has posed many operational challenges, particularly because of the "diversity of participants, from small to large financial institutions, mortgage brokers, real estate brokers, and title companies, through warehouse lenders, investors, due diligence firms, and rating agencies, whose perspectives may vary as to what compliance under the rule requires."

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