On July 9, the CFPB issued a Request for Information (RFI) seeking public input on a host of questions pertinent to potential changes to mortgage disclosure and rescission requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
Comments, which are due by Aug. 10, have already begun to flow in from title agents, lenders and appraisers covering a host of issues.
Origin of Request
The RFI emerged from Executive Order (E.O.) 14393, entitled “Promoting Access to Mortgage Credit” which opined that regulatory changes have increased the compliance costs of mortgage origination, contributed to a significant decline in bank participation in mortgage lending, and resulted in reduced access to credit for some creditworthy borrowers.
“The CFPB is considering whether revisions to the TRID Rule, the right of rescission, and reverse mortgage disclosures could reduce regulatory burdens and expand access to mortgage credit,” the CFPB noted in releasing the RFI.
22 Questions
In the RFI, the CFPB asks 22 specific questions under four headings: Timing requirements—TRID Rule and Right of Rescission; other TRID requirements such as tolerance thresholds, additional guidance and clarity; tailored requirements for small banks and credit unions; and reverse mortgages.
In announcing the RFI on his law firm website Garris Horn LLP, former CFPB Senior Counsel & Special Advisor Richard Horn said it is an opportunity for industry participants to bring specific issues to the attention of the CFPB.
“Areas of TRID (and to be fair, in some cases, Regulation Z generally) that have long been criticized, such as the narrowness of the ‘bona fide personal financial emergency’ exception, are up for comment,” Horn said. “The CFPB even has a general question about ‘other changes’ to the TRID rule, which opens the door for the industry to raise TRID issues outside of the specific questions.”
He cautioned against industry professionals hoping for quick changes, however, since he noted the CFPB is likely to conduct extensive consumer testing as it has in the past, but emphasized the importance of taking the time to provide feedback.
“Regardless of the potentially lengthy rulemaking timelines and a potential for a change in administration, comments could definitely support the CFPB’s future rulemaking in these areas,” he said. “Case in point, note how the CFPB referred back to comments it received to its 2018 and 2019 RFIs as a basis for questions in this RFI.”
Documents and the comment portal can be accessed at https://www.regulations.gov/document/CFPB-2026-0018-0001.
At FAN, we maintain the highest standards in providing title, escrow and closing services throughout Florida, and in addition, we are dedicated to protecting the integrity of the real estate transactions we manage. Contact us today to learn how we can help you with your next transaction
