The CFPB has issued a Request for Information (RFI) on the TRID/Know Before You Owe (KBYO/TILA-RESPA) mortgage disclosure rule. The RFI is part of the five-year review process of the rule. The assessment will help the Bureau’s understanding of implementation costs and regulatory benefits for future rulemakings, with a report to be issued in late 2020. The Bureau’s questions are focused on the: (i) effects on consumers; (ii) effects on firms, particularly creditors, settlement service providers (including title agents), mortgage brokers, consumers, and others; and (iii) effects on markets related to mortgage origination.

More specifically, feedback to the Bureau should detail how the rule has affected consumers’ understanding of their mortgage disclosures; their mortgage and settlement service shopping behaviors; their satisfaction with their mortgage disclosures, mortgage products, and settlement services; and their ability to compare and choose among mortgages and settlement services. The CFPB is also interested in understanding costs and savings resulting from the rule by firms and the effect on market structure, such as relationships between various settlement service providers.

Please contact NAR staff if you have any comments or feedback on the KBYO/TRID rule. NAR staff will compile responses to submit to the Bureau in January.

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