Tell the CFPB to Fix TRID

August 18, 2016

The public comment period for the Consumer Financial Protection Bureau’s (CFPB) amendments to the TILA-RESPA Integrated Disclosure (TRID) rule opened Monday after the proposed changes were published in the Federal Register.

The CFPB will accept comments to the proposed amendments until Oct. 18, 2016. Comments may be sent by:

  • Email: FederalRegisterComments@cfpb.gov. Include Docket No. CFPB-2016-0038 or RIN 3170-AA61 in the subject line of the email.
  • Electronic: http://www.regulations.gov. Follow the instructions for submitting comments.
  • Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street, NW., Washington, DC 20552.
  • Title Action Network: Visit www.titleactionnetwork.com and click “take action” to comment to the CFPB directly using our pre-drafted information or customize your own message. Not a member? Join today. 

Please share your thoughts on the proposed changes with ALTA at TRID@alta.org.

The CFPB’s proposed changes correct technical problems, add clarity and incorporate informal guidance provided by the bureau in webinars into the official staff commentary. The CFPB said it did not intend to revisit major policy decisions in this rulemaking. Because of this, the proposed changes do not correct the inaccurate disclosure of title insurance premiums.

Unfortunately, after nearly a year of implementation issues, the CFPB did not address title insurance fees in these corrections. Currently, TRID causes confusion for consumers as they aren't shown the actual costs they will pay for title insurance. You can take action through the Title Action Network and tell the CFPB to fix TRID.

“As the industry that sits at the closing table with millions of homebuyers each year, ALTA encourages our members to submit comments to the bureau staff to ensure homebuyers understand their real estate transaction,” said Michelle Korsmo, ALTA’s chief executive officer.

In addition, ALTA has encouraged the bureau to prevent lenders from shifting liability for disclosure mistakes and to use the rulemaking period to provide more formal guidance about how to comply with the rule. 


Contact ALTA at 202-296-3671 or communications@alta.org.

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