In an April 28, 2016, letter to mortgage industry trade groups,1 the Director of the Consumer Financial Protection Bureau (“CFPB”), Richard Cordray, signaled that the agency plans to propose amendments to the TILA-RESPA Integrated Disclosure (“TRID”) rule, also known as the “Know Before You Owe” rule, this July.

“We recognize the implementation of the Know Before You Owe rule poses many operational challenges,” Director Cordray wrote, and “[w]e do recognize that incorporating some of the Bureau’s existing informal guidance, whether provided through webinar, compliance guide, or otherwise, into the regulation text and commentary would be helpful.” The letter continued, “We also believe that there are places in the regulation text and commentary where adjustments would be useful for greater certainty and clarity.” The letter goes on to announce that, to address these concerns, the CFPB plans to publish a notice of proposed rulemaking (“NPR”) on the TRID rule in late July.