U.S. Sen. Corker Presses CFPB on TRID

March 15, 2016

U.S. Sen. Corker warned Consumer Financial Protection Bureau Director Richard Cordray about implementation issues and consumer confusion regarding the TILA-RESPA Integrated Disclosures (TRID).

Corker’s office reached out to ALTA after a constituent in Tennessee contacted his office about TRID’s misleading and inaccurate approach to title insurance disclosures. ALTA briefed Corker’s staff on key TRID concerns including the inaccurate and misleading disclosures of title insurance premiums, the need for more written guidance to clarify conflicting interpretations of compliance, lender attempts to inappropriately shift TRID liability through written closing instructions and third-party vendor management.

In a March 11 letter to Codray, Corker asked:

  1. What is the CFPB doing to address the borrower confusion due to the discrepancies between federal and state laws regarding the disclosure of title insurance premiums?
  2. What steps is the CFPB taking to prevent lenders from shifting liability to settlement agents?
  3. Will the CFPB consider forming an internal task force to identify and address issues arising from the implementation of the TRID rule?
  4. Will the CFPB release official guidance regarding what constitutes a technical error and potential remediation methods?

This is a great example of the importance of cultivating relationships and highlights the value of ALTA’s Congressional Liaisons. For more on ALTA’s Congressional Liaisons, go to www.alta.org/advocacy/congressionalliaisons.cfm.

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