Despite Consumer Financial Protection Bureau Director Richard Cordray’s recent proclamation that the October implementation of the CFPB’s new TILA-RESPA Integrated Disclosures rule was akin to the unfounded panic that surrounded Y2K, a new report from Moody’s Investors Service finds that TRID compliance violations are running rampant among newly originated loans. In a new report on the impact on TRID on residential mortgage-backed securities, Moody’s analysts write that several third-party firms have reviewed a number of recent mortgage loans for TRID compliance and found violations in more than 90% of the loans.
