TRID Clarifications Proposed

August 1, 2016 at 8:36 am Leave a comment

The Bureau That Never Sleeps is at it again!  On Friday, the Bureau released proposed amendments to its “know before you owe” TRID regulation, which took effect in October of 2015.  I’m going to dub these proposed changes Death Wish classics because some of the amendments are so technical that the only way I am going to get through them is to drink Death Wish coffee, which for the uninitiated, makes Starbucks taste like your mother’s Chock full o’ Nuts.

At first glance, it doesn’t seem like there are any major changes.  But there are several proposed amendments and clarifications including extending TRID’s coverage to all co-op units; clarifying the applicability of tolerances in early disclosures; and clarifying information that can be shared with third parties without violating a consumer’s privacy.  According to this morning’s American Banker, this last one was put in at the urging of the National Association of Realtors.  This is one to have your mortgage person take a look at.

Economic Growth Declines

Those of us of the opinion that the economic glass is half empty received further support for our negativity with the release of news on Friday from the Commerce Department that the U.S. economy grew at a seasonally adjusted annual rate of 1.2% in the second quarter.  According to the WSJ, this means that economic growth is now at its weakest level since 2011.

The thing that really perplexes me is that business investment declined for the third straight quarter.  American corporations are sitting on a record pile of cash.  For years, optimists have been waiting for businesses to start spending some of this cushion and really jump start the economy.  Wouldn’t it be something if business sits out an entire period of economic growth without making any sizable investments other than to buy back their shares?

On that note, grab your coffee and get to work.

Entry filed under: Compliance, Economy, General, Mortgage Lending, Regulatory. Tags: .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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