Tag Archives: Know Before You Owe

The amendment comes after lenders asked for clarity from the bureau on when creditors could pass on increased costs to consumers.

The industry has long called for clarification of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule—or TRID. Today, with the release of its “finalized updates,” the CFPB may have finally provided it. But what do the updates mean for the industry? And is this really the end of the You Before You Owe confusion? The answer probably won’t surprise you.

The CFPB published its proposed updates to TRID on Monday, opening the 64-day comment period on the controversial mortgage disclosure rule.

The CFPB made good on the promise it made in the spring regarding a proposal to update the Know Before You Owe Mortgage Rule.

More borrowers are taking a closer look at their mortgage documents before it’s too late, and more agencies are helping these borrowers understand what they’re getting into, well before new federal guidelines go into effect this fall.

The Consumer Financial Protection Bureau has finally set an official effective date for the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, after much debate and numerous industry requests to delay the rule. The CFPB issued a final rule moving the effective date to Saturday, October 3, 2015 on Tuesday.

The Consumer Financial Protection Bureau (CFPB) has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which would move the effective date of the rule to Saturday, October 3, 2015. According to CFPB, the Bureau is issuing the proposed amendment to correct an "administrative error" that would have pushed the TRID effective date back at least two weeks from its original effective date of August 1, 2015.

The toolkit was developed as a part of the CFPB’s “Know Before You Owe” mortgage initiative and helps consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.