Ben Olson and Brandy Hood Quoted in HousingWire Article, "Initial Thoughts: Did the CFPB Successfully Update TRID?Brandy A. Hood, Benjamin K. Olson
Ben Olson and Brandy Hood were quoted in Brena Swanson's HousingWire article, "Initial Thoughts: Did the CFPB Successfully Update TRID?," on August 5, 2016.
The Consumer Financial Protection Bureau’s new proposal to update its Know Before You Owe rule has only been in the hands of the industry for a week. Coming in at a whopping 293 pages, there is a lot of information that everyone continues to work through.
At the end of June, HousingWire held a webinar with experts Benjamin Olson, partner at Buckley Sandler, and Brandy Hood, associate at Buckley Sandler, to give our readers some answers on how to conquer TRID.
Overall, Hood said, “They did a good job. They hit a number of different issues that really needed to be addressed.”
“It’s a step in the right direction. If this is finalized as proposed, it will clarify a number of ambiguities. Although there will still be ambiguities and other issues, the changes will address a lot of them,” she added.
Olson explained that the change the industry would most like to see is expanded cures in the regulation, but the bureau said they are not doing that, and said it pretty emphatically.
“They seem to be concerned it would detract from implementation efforts and are worried about reducing the industry’s incentive to get it right the first time,” he said.
“I read the statement that the bureau will not expand the cures to be a signal to industry that the bureau’s decision is final. In light of that, I would say the chances of an industry win there is very low, but on the things they did address, there may be room to persuade them,” he continued.
And he also explained that the industry has made great strides in starting to develop a consensus around what errors really matter. This proposal will hopefully help in that regard.