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The unintended consequences of imposing this massive set of regulations could be that it may become more difficult for borrowers to get loans
For mortgage lenders the latest worry on the regulatory front is something called TRID, a new set of guidelines that are about to change the mortgage industry – and with change create new opportunities for some lenders and dangers for others.
The new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau (CFPB) -- aka "TRID" – was first published in 2013 in an effort to modernize loan disclosures and closing information. Under TRID, the government came up with new forms to replace the old documents established the Real Estate Settlement Procedures Act of 1974 (RESPA) and the Truth in Lending... read more