In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule. The Bureau announced the Notice of Proposed Rulemaking (NPRM) would likely be issued in late July. In a change of tone from previous Bureau communications reiterating refusals to issue official guidance, the letter stated the Bureau’s intention to incorporate previous informal guidance, including “webinars and indices” into the NPRM in an effort to provide greater certainty and clarity. The letter cited the declining time it takes to close a given loan as evidence of improving implementation, but also acknowledged operational challenges created by technical problems and uncertainty. Finally, the letter noted that the Bureau will “continue to be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the [TRID] rule.”
