TRID — Looking Past Compliance And Into Litigation
Law360, New York (June 10, 2016, 11:56 AM EDT) -- Jonathan R. Grayson
Jonathan P. Hoffmann
Gregory C. Cook
Though the TILA-RESPA Integrated Disclosure (TRID) rule has been in effect for almost eight months, the residential mortgage industry is still grappling with some of the changes it ushered in. One of those changes is an increased risk of litigation for disclosure violations. TRID arguably created new opportunities for borrowers to sue mortgage lenders. The extent of this new liability is unclear, but the Consumer Financial Protection Bureau recently provided a road map for consumer counsel looking to test the waters.
The problem stems from the very nature of TRID and the...
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