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August 1, 2016

Stroock Special Bulletin

By: Julia B. Strickland, Quyen T. Truong, Stephen J. Newman, Brian C. Frontino

The Consumer Financial Protection Bureau (“CFPB”) on Friday, July 29th, released proposed amendments to its rule mandating use of the TILA-RESPA Integrated Disclosures in mortgage transactions (the “TRID Rule,” often referred to by the CFPB as the “Know Before You Owe Disclosure Rule”). While the CFPB expressly declined to define further procedures for curing errors made in loan estimates and closing disclosures, a primary subject of industry demand for clarification, the proposed amendments will facilitate compliance in other ways by incorporating past guidance and making additional clarifications and technical updates.