TRID

The bureau released a five-year review of the so-called TRID regulation that found consumers benefited from being able to compare mortgage terms and costs, but the price tag for the industry was roughly $146 per loan.

The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.

The agency will review the TRID regulation, which combined disclosure requirements of two separate laws, as part of a mandate to evaluate major policies five years after their effective date.

The CFPB finalized an amendment to its "Know Before You Owe," mortgage disclosure rule that gives lenders more flexibility to adjust closing cost estimates and pass on those increases to borrowers.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.