Real Estate
Home›Real Estate›Mortgages›CFPB seeks public input on TRID, refinance rescission,…
CFPB seeks public input on TRID, refinance rescission, reverse mortgages
The CFPB is soliciting feedback on how to streamline disclosure timing, electronic delivery, and TALC calculations as part of a review aimed at improving access to mortgage credit.
The Consumer Financial Protection Bureau is asking for public input on possible updates to mortgage disclosure rules and related requirements, according to HousingWire. The CFPB plans to publish a request for information in the Federal Register as it reviews whether current disclosures create unnecessary burdens for lenders and borrowers.
The agency is seeking comments on three main areas, including integrated mortgage disclosures under TILA and RESPA, the right of rescission for certain refinance transactions, and disclosure requirements for reverse mortgages. The CFPB said the review is aligned with President Donald Trump’s executive order directing agencies to examine regulations that may increase the cost of mortgage lending and limit access to credit.
For TRID, the CFPB is looking at whether disclosure timing requirements, tolerance thresholds, and electronic disclosures should be revised. It is also asking whether smaller financial institutions should receive more tailored rules.
On reverse mortgages, the CFPB said current disclosures rely on multiple documents, including Truth in Lending disclosures, Good Faith Estimates, and HUD-1 settlement statements. The bureau is also evaluating whether TALC calculations should be updated, including whether presenting projected loan balance growth in dollar amounts could be easier for borrowers to understand than current annualized cost figures.