Statement from Wolters Kluwer on CFPB's Decision to Reopen TRID Rulemaking | Wolters Kluwer Financial Services
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  • Statement from Wolters Kluwer on CFPB's Decision to Reopen TRID Rulemaking

    Art Tyszka

    by Art Tyszka, Senior Director and General Manager, Mortgage Lending, Wolters Kluwer

    Published April 29, 2016

    Yesterday, the Consumer Financial Protection Bureau (CFPB) in a letter to financial services industry trade associations and their members announced it will issue a notice of proposed rulemaking for its Know Before You Owe – Mortgages final rule. This rule is commonly referred to as the TILA-RESPA Integrated Disclosure (TRID) rule by the industry. Art Tyszka, senior director and general manager of Mortgage Lending at Wolters Kluwer, released the following statement today about the news.

    “Wolters Kluwer appreciates the CFPB’s willingness to provide additional clarity and formal guidance to the TRID rule. As Director Cordray shared in his letter to industry associations and their members yesterday, there have been operational challenges with the new disclosures caused by differing interpretations of specific requirements. We are confident that if the informal guidance provided to us by the bureau is formally incorporated it will reduce the operational challenges and improve the consumer’s experience of shopping for and obtaining a mortgage loan.”



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