Sentinel Real Estate Professionals CFPB Letter on TRID and Dodd-Frank Reform
Heritage Action Sentinel Real Estate Professionals sent a letter to the Consumer Financial Protection Bureau (CFPB) calling on the bureau to reform its costly and burdensome “Know Before you Owe” rule, or “TRID” in its upcoming Notice of Proposed Rulemaking.
The bureau’s relatively new guidance has faced strong opposition from real estate professionals. The “Know Before you Owe” rule has raised lending costs, increased the time it takes to close on a mortgage and strained the relationship between lenders, real estate agents and homebuyers.
In the letter, Sentinel Real Estate Professionals call on the CFPB to resolve and clarify the many issues surrounding the rule, but ultimately urge Congress to repeal Dodd-Frank and pass comprehensive legislation like Representative Jeb Hensarling’s (R-TX) Financial CHOICE Act.
Click here to read the letter and learn more.