(RECAP: The Consumer Financial Protection Bureau adopted the TILA-RESPA Integrated Disclosure (TRID) rule as part of its “Know Before You Owe” initiative. The TRID rule places new responsibility on lenders for the timing, accuracy and completeness of disclosures, requiring lenders to revamp their disclosure and closing processes. Fannie Mae’s Economic & Strategic Research Group surveyed senior mortgage executives in February, after TRID’s taking effect in October 2015, to examine lenders’ experiences with implementing TRID requirements and lenders’ views about TRID’s impact on the competitiveness of the mortgage industry. The survey results confirm in large measure the sense that lenders and their service providers have had difficulties in transitioning to TRID, particularly among smaller lenders. Many small to mid-sized lenders indicate that larger institutions are able to invest more to upgrade systems and have in-house compliance resources to increase efficiency and competitive advantages.)
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